Gross receipts tax instead of sales tax
New Mexico taxes businesses through a gross receipts tax rather than a conventional sales tax, and it reaches many services that other states leave alone. Local additions vary by location. Owners arriving from other states often misread it. Interpreting it and filing it remain your firm’s responsibility, and HelloBooks gives no tax advice.
The platform’s role is keeping the revenue trail clean. Invoices and deposits live in one reconciled ledger, expenses are categorized by AI with uncertain lines held for review, and reports come from actual activity. Your staff in Albuquerque or Las Cruces begin gross receipts work from numbers tied to the bank.