Business Registered Agent

Forum|Forum|4 years ago
February 25, 2022
10 replies
59 views

My business uses NM register agent.

My address is in Az

Last year I file NM state taxes. I had no income

I am now wondering if this was correct and should do the same this year.

It is an online business with no physical presence on either state.

Which state should I buy should I use?

Thank you

TurboTax Business Windows

Best answer by ZoltanB45

My last return using turbo tax said:

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No payment is required with your New Mexico Form PTE.
Mail your return to the following address on or before March 15, 2021:

This year it will probably said the same.

Does this mean the franchise tax was included but not payment was needed since I had more expenses than income?

If you look at page 4 of the FYI it says the NM Corporate Income Tax is based on net income, so if you lost money you wouldn't pay that tax.

There is a $50 Franchise Tax each year that must be paid regardless of profit.

The franchise tax is separate from the personal income tax. Here is a link to create a NM login and where you will be able to submit a payment.

ErnieS0

Level 15

Are you an individual or a business?

Individual

Nonresidents do not have to file a New Mexico return if they receive no income from New Mexico sources.

Business

A corporation that has, or exercises, its corporate franchise in New Mexico is subject to the Franchise Tax, even if the corporation is not actively engaging in business in New Mexico or owes no New Mexico Corporate Income Tax. Taxpayers must use form CIT-1, Corporate Income and Franchise Tax Return to report the $50 annual Franchise Tax.

See: Corporate Income & Franchise Tax Overview

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watergirl2Author

Level 4

It is a business Multimember LLC registered in NM via a NM register agent

it is just two of us: Husband and wife

I pay the yearly fee already via the registered service agent in NM. For the year income do I have to file at all if there was no income?

Thank you

ZoltanB45

Level 9

You do not need to file NM if you have paid the fee, but file the 1065 if you have in the past.

If you fail to file for a few years, some states will dissolve the business on it's own. Since you are paying the minimum franchise tax, they would not dissolve you for not filing the state return.