New Mexico Form Instructions 1065 2024-2025

New Mexico Form Instructions 1065: What You Should Know

Wisconsin, and Wyoming have new rules in place for filing New Mexico corporate income tax returns for 2019. New tax year begins for the state on Jan 1, 2025 (in 2018, 2019, and 2025 the state starts tax season on Feb 1). Tax year for non-resident entities is April 1, 2025 – June 30, 2019. See pages 12, 13 of the 2 Internal Revenue Bulletin for more information. (For the 2 filing year, non-resident entity filers are limited to either the current state level or the highest of the following levels in the current jurisdiction: nonresident entity, corporation, or individual.) See the Schedule K-1 instructions for 2 corporate income tax withholding on pages 20-38. You must file New Mexico income tax returns for 2025 and/or 2020. New state rules for taxes paid on nonresidents on June 30, 2015, were announced on June 5, 2016. See the 2 Internal Revenue Bulletin for more information on the New Mexico rules on withholding tax for corporations. New Tax Code section 13-A-101, New Mexico Statutes of Limitations, expires on Jan 1, 2020. See the 2 Schedule for New Mexico Corporations (Form 1065) for more information. If you don't owe any state corporate income tax on this income, and you are not subject to self-employment tax, see the table of state tax rates. See the Forms & Publications page for New Mexico income tax rate schedules. Tax Schedule for the New Mexico Corporation Income Tax Return Form 1065 must be filed for every corporation with a New Mexico annual business income from sources in the state. If you don't need to file Schedule K, check out New Mexico Corporate Income Tax, 1040. New Mexico is an unusual state when it comes to a self-employment tax on pass-through businesses. Walk-throughs do not pay employment taxes on their income. New Mexico does not have an individual income tax and all business income must be reported on Schedule K. However, the state has a 4% deduction for business expenses. All the expense deductions are limited to 25% of the corporate income. In addition to the 4% deduction, the pass-through tax applies not only to the corporate income, but to wages and other compensation paid to the corporation's share owners. Walk-throughs also pay personal income taxes, but this is taxed on Schedule C. The federal individual exemption is not available in New Mexico.

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