New Mexico · Gross receipts tax, film and energy hub
CPA, bookkeeping & fractional CFO services in New Mexico
New Mexico charges a gross receipts tax on most business activity, including services, and has a growing film industry and a large energy and government research economy. CPA Torrance is a CPA-led firm based in Torrance, California that provides bookkeeping, tax planning, tax filing and fractional CFO support to New Mexico businesses remotely.
- Serving all of New Mexico remotely
- New Mexico gross receipts tax and PIT or CIT returns tracked for you
- Monthly reporting included
In short
How does the New Mexico gross receipts tax work?
New Mexico charges a gross receipts tax on businesses for selling goods and most services in the state. The business owes the tax, though it is usually passed on to customers, and rates vary by location. Many deductions and exemptions apply, so careful tracking can lower what you owe.
- State income tax
- Graduated
- State sales tax
- Gross receipts tax
- Key business tax
- Gross receipts tax
- How we serve
- Remotely, statewide
Services in New Mexico
What we do for New Mexico business owners
From Albuquerque contractors and film production companies to Santa Fe galleries and Permian Basin energy suppliers, New Mexico owners need gross receipts tax handled correctly. We provide monthly bookkeeping, federal and New Mexico tax planning, filings and CFO reporting from one coordinated team.
Bookkeeping Services
- Monthly reconciliations in QuickBooks Online
- New Mexico gross receipts tax by location
- Payroll and contractor payment review
- Monthly profit and loss and balance sheet
- Catch-up and clean-up bookkeeping
Tax Planning & Strategy
- Entity and S corporation review
- Gross receipts deduction review
- Federal and state estimated payments
- Multi-state income review
- Year-end tax planning meeting
Tax Filing & Compliance
- Federal business returns (1120, 1120S, 1065)
- New Mexico CRS gross receipts tax and income tax returns
- Owner individual returns
- IRS and state notice help
- Due-date tracking for every filing
Fractional CFO Services
- Cash-flow forecasts
- Budget versus actual reviews
- Margin and pricing analysis
- Lender- and investor-ready reporting
- Growth and hiring plans
New Mexico tax planning
Planning around New Mexico taxes
New Mexico planning combines the gross receipts tax, film and research incentives, the graduated income tax and federal planning.
Book a 15-min callGross receipts deductions
Sales to other businesses for resale and some services qualify for deductions. We make sure you claim them.
Location-based rates
GRT depends on where the work or delivery happens. We track locations in your books.
Film and research credits
Productions and research companies may qualify for state credits. We track qualifying costs.
Who we work with
New Mexico industries we serve
We work with owner-led businesses across New Mexico, with experience in the industries that drive the state economy.
Energy services
Oil and gas suppliers in the Permian Basin.
Government contractors
Suppliers to national labs and agencies.
Film production
Production companies and crews.
Tourism and arts
Galleries, lodging and tour businesses.
E-commerce sellers
Online brands with New Mexico sales tax, inventory and multi-channel books.
Professional firms
Consultants, agencies and law firms billing by the hour, project or retainer.
Why New Mexico businesses choose CPA Torrance
Areas we cover
Serving businesses across New Mexico
Businesses in Albuquerque, Santa Fe, Las Cruces, Rio Rancho, Roswell work in energy, government research labs, film production, tourism and agriculture. CPA Torrance helps New Mexico businesses, including those owned from out of state, stay compliant and organized through remote meetings.
- Albuquerque
- Santa Fe
- Las Cruces
- Rio Rancho
- Roswell
- Farmington
- Hobbs
- Carlsbad
- Taos
- Los Alamos
- Video meetings on your schedule
- Secure document portal for statements and returns
- Cloud accounting you can see any time
FAQ
New Mexico business tax and accounting questions
Not covered here? A 15-minute call gets you a straight answer for your situation.
What financial services can CPA Torrance provide to New Mexico businesses?
We provide monthly bookkeeping, federal and New Mexico tax planning, business tax filing and fractional CFO services. Everything runs from one set of books, so your bookkeeper, CPA and CFO advisor work from the same numbers.
Do services pay gross receipts tax in New Mexico?
Yes. Unlike many sales taxes, the New Mexico gross receipts tax applies to most services performed in the state.
How do I lower my gross receipts tax?
By claiming deductions you qualify for, such as some sales for resale, and by sourcing receipts to the correct location.
Does New Mexico have a pass-through entity tax?
New Mexico has adopted an elective pass-through entity tax. We check whether it applies and helps.
Can CPA Torrance work with New Mexico businesses remotely?
Yes. We serve businesses across New Mexico, including Albuquerque, Santa Fe, Las Cruces, Rio Rancho, Roswell, Farmington, Hobbs, Carlsbad, Taos and Los Alamos, through video meetings, a secure document portal and cloud accounting you can see any time. Our office is in Torrance, California.
How do I get started?
Book a 15-minute call or request a free financial assessment. We review your books, tax position and systems and recommend the right mix of support for your New Mexico business.
Get your New Mexico books and taxes in order.
Book a call to review bookkeeping and tax planning for your New Mexico business.