SELLING YOUR BUSINESS - A TOOL TO REDUCE THE TAX BITE
by Dave Kauppi
Capital Gains Taxes often put a big bite into the after tax proceeds a business owner receives when he sells his business. This article discusses a little known tool that can make capital gains taxes fade into the sunset.
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New Mexico Income Tax Help - What Credits, Rebates and Deductions are available?
by Dianne Goodman
The who, what, where and when on New Mexico credits, rebates and deductions for individual taxpayers.
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WHAT IS THE NEW MEXICO GROSS RECEIPTS TAX?
by Dianne Goodman
Most states have what is known as a sales tax. New Mexico does not have a sales tax but they have a Gross Receipts Tax. When you engage in business in New Mexico you may be required to pay Gross Receipts Tax. This tax is paid by the selling business and can be passed on to the consumer. In general sales and/or leases of goods are taxable. On January 1, 2005 gross receipts tax was eliminated from certain food sales and certain health care services. Prescription drugs are no longer taxable either. Thanks for the relief! However the unfortunate reality is that sales and performance of services are taxable in New Mexico. This includes services performed outside New Mexico for a product initially used in New Mexico. Let's hope someday New Mexico will try to become more competitive with its neighboring states and eliminate the burden of Gross Receipts Tax on services too!
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The Ifs and VATs of Value Added Taxes
by Sam Vaknin
A tax should be simple - to administer and to comply with. It should be "fair" (progressive, in professional lingo) - although no one seems to agree on what this means.
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