|
|
|
Bad Credit Payday or Cash Advance Loans - No Credit Check Required
If you are in need of extra cash until pay day, you may want to consider applying for a pay day or check loan online. A pay day loan can be obtained online and with no credit check. Bad credit will not disqualify you from qualifying for a pay day...
Bad credit record and property investment
When I first moved up to Johannesburg and my career was just
starting to flourish many years ago, I heard of and spoke to a
number of people in a relatively short period of time with above
average salaries who had lost everything and had to start...
Chase Credit Cards Online
Chase credit cards are becoming the number one choice for those
who need a credit card today. With convenient rates, low costs
and a wide variety of different offerings to suit your credit,
ensuring there is always a credit card meant for...
Five Easy Steps to Repairing Your Credit
Have you damaged your credit rating, and now need to repair it? It can be a long, tedious process, if you aren’t sure of exactly what to do. And if you decide to work with an agency that specializes in this type of work, you’re paying someone to do...
What Are Credit Card Rates?
Credit card rates have always been an issue in applying for a
credit card. These rates are what everyone should know before
choosing a credit company from another. Shopping around for the
best rates will give you the best deal.
For you to...
|
|
| |
|
|
|
|
|
|
New Mexico Income Tax Help – What Credits, Rebates and Deductions are available?
Who qualifies for the rebates and deductions?
There are credits, rebates and deductions that many taxpayers may not know about that can give you some New Mexico income tax relief. To qualify for any of the income tax credits and rebates you must be a New Mexico resident during any portion of the tax year, be present in New Mexico at least six months of the year and not be a dependent of another taxpayer. You must also meet the Modified Gross Income limitation in order to qualify.
What types of income tax rebates, credits and deductions are there?
You may qualify for the Low Income Comprehensive Tax Rebate if your Modified Gross Income is $22,000 or less.
If you are 65 or older, you may qualify for the Property Tax Rebate if your Modified Gross Income is $16,000 or less. There is a credit available regardless if you rent or own. For Los Alamos County residents, you may also qualify for an Additional Low Income Property Tax Rebate if your Modified Gross Income is $24,000 or less.
The New Mexico Child Day Care Credit is available for taxpayers who have Modified Gross Income of $21,424 or less and have day care expenses.
Of course if you pay income tax to another state, you may also claim a credit for those taxes against your New Mexico tax liability.
There are also deductions available to taxpayers which are unique to New Mexico. Some of these items include New Mexico tax-exempt interest and dividends, interest received on US Government Obligations and income of persons 100 years or older. Additional deductions include Net Capital Gains Deduction and nonresident military wages or salary. There are also exemptions if you are 65 or older or blind, adopted special needs children or have a New Mexico Medical Care Savings Account. While these credits, rebates and deductions are not comprehensive, they include the items most taxpayers may qualify for.
Where do you report these income tax credits, rebates and deductions?
You should
report the deductions and income tax paid to another state on the PIT-ADJ form. For all other income tax credits and rebates, you should report them on the PIT-1-RC form. These forms are attached to your PIT-1 form which is due on April 15th.
There is something for almost everybody.
And something that benefits those New Mexicans that may be in higher income tax brackets, the 2005 highest income tax bracket for all New Mexicans is 6%, down from 6.8% for 2004. This will affect single individuals if their New Mexico taxable income is more than $26,000, married individuals if their New Mexico taxable income is more than $40,000 and heads of household if their New Mexico taxable income is more than $33,000. Thanks for the relief!
These are just some income tax items you should consider when thinking about your income taxes. If you have a specific question about your particular situation, you can e-mail me at dianne@dgoodmancpa.com.
This article was intended to provide general information about New Mexico income tax help. It does not contain all the rules and exceptions that may apply to your situation. If you have further questions, I can be reached at www.dgoodmancpa.com.
CONTACT INFORMATION:
Dianne Goodman, CPA
Comprehensive Small Business Solutions, PC
505 323-2307
1 888-851-1975 toll free
http://www.dgoodmancpa.com
You have permission to reprint what you just read. Use it in your ezine, at your website or in your newsletter. The only requirement is to include the following footer...
New Mexico Income Tax Help – What Credits, Rebates and Deductions are available? by Dianne Goodman, visit http://www.dgoodmancpa.com for more content like this.
About the Author
Dianne Goodman, CPA – Specializes in servicing Small Businesses and Individuals. Visit www.dgoodmancpa.com for relevant and current information on a variety of financial and tax issues focusing on small businesses and individuals or call at 1-866-531-3035.
|
|
|
|
|
| Credit Reports - Credit Cards - Car Loans - Home Loans - Credit.com |
| Credit.com offers a variety of credit related products and services including credit reports and credit scores, credit cards, car loans, home loan and ... |
| www.credit.com |
|
| Equifax Personal Solutions: Credit Reports, Credit Scores ... |
| National consumer credit reporting company that offers credit reports, FICO(R) credit scores and identity theft protection products to consumers and small ... |
| www.equifax.com |
|
| The FTC's web site on Credit |
| Credit is much more than a piece of plastic, and the resources on this site can help you become a more savvy consumer. You’ll also find compliance ... |
| www.ftc.gov |
|
| Federal Trade Commission - Consumer Credit Center |
| Features an assortment of helpful articles related to credit issues. |
| www.ftc.gov |
|
| AnnualCreditReport |
| Site set up by the big three credit reporting agencies in the United States, to furnish free annual credit reports, as required by federal law. |
| www.annualcreditreport.com |
|
| Springboard - Non-Profit Consumer Credit Management |
| Our mission is simple: To offer education on the wise use of credit. ... SPRINGBOARD has been approved to provide credit counseling services and issue ... |
| www.credit.org |
|
| myFICO - FICO Credit Scores, Online Credit Reports and Identity ... |
| myFICO.com: Get your Free credit report and Free credit score with a 30-day trial of Score Watch. All three FICO Scores and Credit Reports Available now ... |
| www.myfico.com |
|
| Credit Suisse Global |
| Credit Suisse Group is an international financial services group. - Shares part of SMI. |
| www.credit-suisse.com |
|
| Experian: Free Credit Report and Credit Score, Credit Check ... |
| Credit referencing and consumer targeting for the USA and other countries. |
| www.experian.com |
|
| National Credit Union Administration - Home Page |
| An independent federal agency that supervises and insures 7152 federal credit unions and insures 4240 state-chartered credit unions. |
| www.ncua.gov |
|
| Credit - Wikipedia, the free encyclopedia |
| Debits and Credits, a type of bookkeeping entry; Credit (creative arts), acknowledging the ideas or ... Retrieved from "http://en.wikipedia.org/wiki/Credit" ... |
| en.wikipedia.org |
|
| Credit (finance) - Wikipedia, the free encyclopedia |
| Any movement of financial capital is normally quite dependent on credit, ... Sometimes if a person has financial instability or difficulty, credit is not ... |
| en.wikipedia.org |
|
| The National Foundation for Credit Counseling |
| DebtAdvice.org is a service provided by the Members of the National Foundation for Credit Counseling (NFCC), most of them known as Consumer Credit ... |
| www.nfcc.org |
|
| FreeCreditReport.com | Free Credit Report and Credit Score Online ... |
| FreeCreditReport.com: Free credit reports and credit scores from Experian. Get your free credit report and credit score now. It's free, fast, and easy! |
| www.freecreditreport.com |
|
| Compare credit cards | apply for a credit card | 0% balance ... |
| Compare over 300 credit cards, including 0% offers and balance transfers, and make a credit card application online... |
| www.moneysupermarket.com |
|
| Ford Credit - Auto financing for Ford, Lincoln and Mercury cars ... |
| Ford Credit provides auto financing to finance a lease or purchase a car or truck through Ford, Lincoln or Mercury dealerships. |
| www.fordcredit.com |
|
| The Credit Card Prank |
| In my lifetime, I have made nearly 15000 credit card transactions. ... Credit card signatures are a useless mechanism designed to make you feel safe, ... |
| www.zug.com |
|
| Credit magazine, corporate bonds, derivatives, structured credit ... |
| Credit magazine provides information on the international credit markets for credit investors, issuers and market professionals. |
| www.creditmag.com |
|
| CUNA: The Credit Union National Association |
| News and resource directory about credit unions. |
| www.cuna.org |
|
| Credit/Debt Management - Tools and Advice for Managing Credit and Debt |
| Drowning in debt? Trying to improve your credit score? This is the place for you. Get real world information and tips, as well as the legal low down, ... |
| credit.about.com |
|
|