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FYI-M121 New Mexico Taxation and Revenue Department FOR YOUR INFORMATION Tax Information and Policy Office ? P.O. Box 630 ? Santa Fe, New Mexico ? MUNICIPAL GROSS RECEIPTS TAX LOCAL OPTIONS Published
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How to fill out municipal gross receipts tax

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How to fill out municipal gross receipts tax:

01
Start by gathering all relevant financial records, including sales invoices, receipts, and other documents that provide information on your business's gross receipts.
02
Determine the applicable tax rate for your municipality. This information can usually be found on the municipality's official website or by contacting the local revenue department.
03
Fill out the necessary tax forms provided by the municipality. These forms typically require you to provide detailed information about your business, such as its legal name, address, and tax identification number.
04
Calculate your gross receipts by adding up all the income earned by your business during the specified tax period. Exclude any income that is not subject to the municipal gross receipts tax, such as tax-exempt sales or certain intercompany transactions.
05
Report the calculated gross receipts on the appropriate line of the tax form. Ensure that you accurately enter the amounts and double-check for any errors or omissions.
06
If the municipality requires additional information or supporting documentation, attach them to the tax form as specified. This may include copies of sales invoices, receipts, or other relevant financial records.
07
Calculate the amount of tax owed by multiplying the reported gross receipts by the applicable tax rate. Enter this amount on the tax form and ensure that it is accurate.
08
Complete any remaining sections of the form, such as providing your contact information or signing the document where required.
09
Make a copy of the completed tax form and any supporting documentation for your records.
10
Submit the filled-out tax form along with any required payment to the appropriate municipal revenue department before the specified deadline.

Who needs municipal gross receipts tax:

01
Businesses operating within a specific municipality that imposes a municipal gross receipts tax are generally required to pay this tax.
02
The specific businesses subject to the tax may vary depending on the municipality's regulations. In general, it applies to entities engaged in commercial activities, such as retail stores, restaurants, service providers, and wholesalers.
03
Some municipalities may exempt certain businesses or industries from the municipal gross receipts tax, so it is essential to review the local tax laws and regulations to determine if your business is liable.
Please note that this information is general and should not be considered as legal or financial advice. It is always recommended to consult with a qualified tax professional or local revenue department for specific guidance regarding the municipal gross receipts tax and its requirements in your jurisdiction.
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Municipal gross receipts tax is a tax imposed by local municipalities on businesses for conducting business within their jurisdiction.
All businesses operating within a municipality that levies a gross receipts tax are required to file the tax.
To fill out municipal gross receipts tax, businesses must report their total gross receipts earned within the jurisdiction of the municipality and calculate the tax owed.
The purpose of municipal gross receipts tax is to generate revenue for local governments to fund public services and infrastructure.
Businesses must report their total gross receipts earned within the jurisdiction, details of any deductions or exemptions, and calculate the tax owed.
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