Archive for August 2026
What Do I Need to Do to Start a Business in New Mexico?
The Quick Answer Starting a business in New Mexico isn’t terribly complicated, but there are several registrations you want to get right from the beginning. For most small businesses, I would start with these steps: Let’s break those down. Why This Confuses So Many New Business Owners Starting the actual business is usually the easy…
Read MoreCan I Afford an Accountant for My New Mexico Business?
The Quick Answer Yes. The better question is whether you can afford not to have one. Most business owners don’t struggle because they hired an accountant too early. They struggle because they waited too long. Why This Confuses So Many Business Owners One of the things I hear most often is: “I’d love to have…
Read MoreNew Mexico Gross Receipts vs. New Mexico Gross Receipts Tax: What’s the Difference?
Short Answer Gross Receipts are the total dollars your business receives from selling products or services. New Mexico Gross Receipts Tax is the tax that may apply to those receipts. They are related, but they are not the same thing. What Are Gross Receipts? Gross Receipts are essentially your business revenue before deductions. It is…
Read MoreDo Contractors Have to Charge New Mexico Gross Receipts Tax?
Short Answer In most cases, yes. If you’re an independent contractor working in New Mexico—whether you’re a painter, plumber, electrician, HVAC contractor, landscaper, roofer, handyman, concrete contractor, or another service professional—you are generally responsible for New Mexico Gross Receipts Tax (GRT). However, there are several deductions and exemptions that may apply depending on the type…
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