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Accounting and Bookkeeping Services in New Mexico
1-800Accountant, America’s leading virtual accounting firm for small businesses, handles all your time-consuming bookkeeping and accounting duties with seamless, end-to-end services purpose-built to help your small business develop and grow in New Mexico.
Our Accounting Services for New Mexico Small Businesses
Business Tax Preparation: Get your taxes prepared and filed by a CPA experienced in your industry, and always have confidence in your business tax situation. Our CPAs, with more than 17 years of experience on average, can save your business thousands annually when you leave the complexities of New Mexico tax preparation to them.
Bookkeeping: Strengthen your financial foundation and manage cash flow with error-free bookkeeping done for you that saves time and generates important data-backed business insights. This detailed work provides the best tools for interpreting data with easy-to-understand reporting, enabling your accountant to generate crucial financial modeling.
Tax Advisory: Business tax considerations don't end in April. Through our affordable tax advisory service, you can receive the guidance you need when you need it year-round from a dedicated small business CPA. Strategic planning helps minimize your business tax liability in New Mexico throughout the year while ensuring compliance.
Payroll: Save hours every pay period with our comprehensive payroll services handled for you, including regular tax submissions to the state of New Mexico. This ensures accuracy and gives you the freedom to focus on other aspects of your business.
Business Formation: Experience the advantages of officially establishing your business in the state of New Mexico with our complimentary incorporation service. Just pay New Mexico state fees, and we'll handle the rest. This puts you on a path to hiring employees, creating a business bank account, and enjoying an adjusted business tax structure and maximum tax savings.
New Mexico Corporate Tax Rates and Brackets
| Corporate Tax Rate | Corporate Tax Bracket |
|---|---|
| 4.80% | $0 |
| 5.90% | $500,000 |
When Do You Have to File Business Tax Returns in New Mexico?
| Partnerships Due Date - Annual Returns | C-Corp Tax Due Date - Annual Returns | S-Corp Tax Due Date - Annual Returns |
|---|---|---|
| March 31, or the end of the month that federal returns are due. | April 30, or the end of the month that federal returns are due. | March 31, or the end of the month that federal returns are due. |
LLC Renewal Dates and Fees in New Mexico
| How Often Do You Have to Renew Your LLC? | LLC Formation Filing Fee | LLC Yearly/Biennial Filing Fee |
|---|---|---|
| No report needed | $50 | $0 |
Single Filers - New Mexico Tax Rates and Brackets
| Single Filer Rates | Single Filer Brackets |
|---|---|
| 1.70% | $0 |
| 3.20% | $5,500 |
| 4.70% | $11,000 |
| 4.90% | $16,000 |
| 5.90% | $210,000 |
Single Filers - New Mexico Exemptions and Deductions
| Standard Deduction (Single) | Personal Exemption (Single) |
|---|---|
| $14,600 | n.a. |
Married Filing Jointly - New Mexico Tax Rates and Brackets
| Married Filing Jointly Rates | Married Filing Jointly Brackets |
|---|---|
| 1.70% | $0 |
| 3.20% | $8,000 |
| 4.70% | $16,000 |
| 4.90% | $24,000 |
| 5.90% | $315,000 |
Married Filing Jointly - New Mexico Exemptions and Deductions
| Standard Deduction (Couple) | Personal Exemption (Couple) |
|---|---|
| $29,200 | n.a. |
What to Look for in New Mexico Accounting and Bookkeeping Services
When choosing an accountant or bookkeeper for your New Mexico small business, you should consider these factors:
Relevant Certifications and State Compliance Knowledge: Look for accountants with relevant certifications, such as a CPA) designation. Ensure they have a comprehensive understanding of New Mexico's specific tax laws, compliance requirements, and filing deadlines that impact your business.
Industry-Specific Experience and Specialization: Seek accountants with experience in your industry. Specialized knowledge can significantly help in managing industry-specific financial matters, strategic planning, and compliance.
Familiarity with Local Economic Environment: Choose an accountant who understands New Mexico's economic landscape, including leading industries such as energy, tourism, aerospace, agriculture, and film production. Local insights can impact strategic financial decision-making and tax planning.
Knowledge of State Tax Incentives: New Mexico offers various tax incentives for your business, such as credits for job creation, research and development, and manufacturing. An accountant with expertise in navigating these incentives can help you maximize your benefits.
Accessibility and Communication: Ensure the prospective accountant is accessible and maintains clear communication. Their ability to explain financial matters in an understandable way is crucial for informed decision-making.
Reputation and References: Check reviews, ask for references, and gauge the accountant's reputation in the New Mexico business community. A strong track record usually indicates reliability and competence.
Serving Small Businesses Throughout the Entire State of New Mexico
- Albuquerque
- Las Cruces
- Santa Fe
- Silver City
- Deming
- Rosewell
- Carlsbad
- Taos
“I’ve been fortunate to have great accountants who care, get back to me very timely, and believe they do a great job getting the most money back they are able to.”
Sal
Actual customer testimonial. Photo is illustrative only.
Additional New Mexico Accounting Resources:
Virtual Bookkeeping: How To Find the Best Online Bookkeeper
CPA vs. Tax Preparer: Which Is Best for Your Business?
10 Common Small Business Tax Questions Owners Are Asking
Talk to a business tax expert today for all your tax needs in New Mexico.
*Based on a $12.2k average 2022 tax refund per client, which is 4x the cost of a full-service package. Source: first-party data.
*Includes average business tax preparation, form completion and submission, record keeping, and other misc admin time. Source.
*Historical first-party data.