Tag Archives: New Mexico
Often overshadowed by their tax time counterpart – the federal income tax – state income tax rates generally receive less attention. However, they can definitely impact your overall bill, depending on where you live, where you work, and the total amount you earn. State Taxation of Residents States typically use one of three methods to […]
— Read moreNew Mexico has enacted a state version of the Earned Income Tax Credit (EITC). Modeled after the federal credit, the state follows the same requirements for eligibility and income. A resident who was eligible to claim the federal credit will also be able to claim the state version, as the rules are similar. The EITC […]
— Read moreIn the state of New Mexico, you are considered nonresident if you spent less than 185 days in the state physically and you have not established a domicile in New Mexico at any point during the tax year. Military personnel and their qualified spouses can file their taxes as a nonresident if they have a […]
— Read moreAcross the state of New Mexico, taxpayers are assessed a state income tax rate varying from 1.7% to 4.9% across four separate brackets based on graduating income and filing status. Single and Married Filing Separately: 1.7% tax rate on the first $5,500 of income that is taxed 3.2% between $5,501 and $11,000 of taxable income […]
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