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Albuquerque New Mexico Form 9465 Online: What You Should Know
What's New With New Mexico's Next Tax Law? On March 1, 2018, the State of New Mexico approved a new state tax law that will affect many businesses in the state, including: Business property; Business income; Pension and annuity funds and insurance companies; Employee benefit plans; Business services; Business partnerships; Enterprise zones; and, Property taxation. The major parts of this law are as follows: This law is being considered a final “budget law” by the legislature. Taxation and Revenue will be able to charge an additional 1% surcharge on state tax payments if the tax rate is increased to its rate set under the current tax law. Also, the department will start accepting income taxes with the new formula from July 1, 2018. Who Will Benefit to File Online? If you are a business, the first benefit is that the new law will make it easier to file and pay taxes. If you have an online business, and you have paid online tax return forms in the past, the first benefit you'll feel is that it will be easier to pay income tax online than to pay tax physically. If you receive an income tax notice from the IRS, the first benefit is you'll have more time than usual to file and pay the online tax return. If you currently write a separate Form 1099, it will be easier to pay your income tax in digital format. The other benefit is your tax department will know the information in your account better than ever before. What Makes New Mexico Special? New Mexico has one of the most comprehensive payment plans in the United States. New Mexico also has an online portal for filing taxes. However, the current law does not go into effect until 2018, so businesses need to wait to take advantage of this program.
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