Here’s what New Mexicans need to know for tax season

Tax season is approaching once again, and New Mexicans have multiple options to file this year.

The state Taxation and Revenue Department will open its Taxpayer Access Point, or TAP, for free online filings beginning Jan. 16. The IRS will begin accepting federal returns on Jan. 26. The deadline to file taxes is April 15. 

New Mexicans can file personal or business tax returns via the state’s online portal, which does not charge a fee, unlike many online tax preparation programs, said Taxation and Revenue Secretary Stephanie Schardin Clarke.

“TAP is always there. It’s always free and secure,” Schardin Clarke said.

TAP is not available for people filing for the first time in the state of New Mexico because of the risk of identity theft, and these first-time filers should use a third-party software or a paper filing instead, she said.

This year, the IRS discontinued Direct File, its free tax filing program, so taxpayers will need to find another way to file their federal tax returns, Schardin Clarke said.

“If you file electronically and file early, those are two things you can do to make sure that, if you're owed a refund, you get it quickly,” she said.

New Mexico offers some refundable tax credits, and those who qualify should be sure to claim them, she said. Taxpayers can get credits of up to $622 per child via the Child Income Tax Credit, credits of 25% of the federal Earned Income Tax Credit under the Working Families Tax Credit, and relief for low-income families under the Low-Income Comprehensive Tax Rebate.

Even if taxpayers don’t owe anything and aren’t required to file tax returns, they can get money back under these tax credits, state officials said. TAP and third-party tax software should check for New Mexico tax deductions automatically, Schardin Clarke added. 

Personal income tax forms and instructions can be found on TRD’s website, tax.newmexico.gov.  In Albuquerque, forms are available in the lobby of the department’s Copper Pointe Office at 10500 Copper NE.

Natalie Robbins covers the economy and health care for the Journal. You can reach her at nrobbins@abqjournal.com.