New Mexico Business Tax Deadlines (2026)
Next: May 15 — Form 990 due for nonprofits
Next Deadline: May 15 — Form 990 due for nonprofits
Federal Tax Deadlines (2026)
| Form | Who Files | Due Date | Extension Deadline |
|---|---|---|---|
| Form 1040 (Schedule C) | Sole proprietors | April 15 | October 15 |
| Form 1065 | Partnerships, Multi-member LLCs | March 15 | September 15 |
| Form 1120-S | S-Corporations | March 15 | September 15 |
| Form 1120 | C-Corporations | April 15 | October 15 |
| Form 990 | Nonprofits | May 15 | November 15 |
| Estimated Taxes (Q1-Q4) | All | Apr 15, Jun 15, Sep 15, Jan 15 2027 | — |
New Mexico State Tax Deadlines (2026)
| Tax Type | Who Files | Due Date | Extension Deadline |
|---|---|---|---|
| Personal Income Tax (PIT-1) | Individuals, sole proprietors | April 15 | October 15 |
| Estimated Income Tax (Q1-Q4) | Individuals owing $1,000+ | Apr 15, Jun 15, Sep 15, Jan 15 2027 | — |
| Corporate Income Tax (CIT-1) | C-Corporations | April 15 (calendar year) | October 15 |
| S-Corp/Partnership (PTE) | Pass-through entities | March 15 | September 15 |
| Gross Receipts Tax (GRT) | Businesses with NM receipts | Monthly (25th) or semiannual | — |
| Compensating Tax | Out-of-state purchases | Monthly (25th) | — |
| Payroll — Withholding Tax | Employers | Monthly or semimonthly (25th) | — |
| Annual Report | Corporations | Within 30 days of anniversary | — |
Quarterly Estimated Tax Deadlines in New Mexico
New Mexico follows the federal estimated tax schedule:
| Quarter | Due Date |
|---|---|
| Q1 | April 15 |
| Q2 | June 15 |
| Q3 | September 15 |
| Q4 | January 15, 2027 |
Estimated payments are required if you expect to owe $1,000 or more in NM income tax after withholding and credits.
New Mexico-Specific Tax Requirements
New Mexico imposes a graduated personal income tax with rates ranging from 1.7% to 5.9% on income over $210,000 ($315,000 for married filing jointly). Business income earned by sole proprietors and pass-through entity owners flows through to the individual return. New Mexico also offers a PTE-level tax election similar to other states' SALT cap workarounds.
Instead of a traditional sales tax, New Mexico levies a Gross Receipts Tax (GRT) on businesses for the privilege of doing business in the state. The GRT is imposed on the seller (not the buyer, though it's commonly passed through). The state base rate is 5.0%, with local option rates that push the combined rate to between 5.125% and 9.3125% depending on location. Nearly all goods and services are subject to GRT, making it broader than most states' sales taxes.
The Corporate Income Tax applies to C-corporations at rates of 4.8% on the first $500,000 of taxable income and 5.9% on income over $500,000. New Mexico requires employers to withhold state income tax and remit it monthly. The state has no franchise tax or business privilege tax beyond the GRT. Businesses must also file an Annual Report with the Secretary of State, typically due within 30 days of the anniversary of incorporation/registration.
What Happens If You Miss a New Mexico Tax Deadline?
Late filing in New Mexico incurs a penalty of 2% per month of the net tax due, up to a maximum of 20%. A separate late payment penalty of 2% per month also applies, up to 20%. These penalties stack, so the combined maximum is 40% of the tax owed.
Interest on unpaid taxes is calculated at the underpayment rate established quarterly by the state, typically around 7%–9% per year. For Gross Receipts Tax, late filing and payment penalties are the same 2% per month structure.
New Mexico allows a 6-month automatic extension for income tax returns by filing RPD-41096, but as with federal extensions, you must pay at least 90% of your tax liability by April 15 to avoid penalties. Estimated tax underpayments are penalized at the applicable interest rate on the shortfall.
New Mexico Taxation & Revenue Department
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