New Mexico Tax Gross Receipts Tax Table effective January 1, 2012  It's important to know and use the most current GRT tax rates. Marginal Tax Rates  Knowing your marginal rate is important, because any increase or decrease in your taxable income will affect your tax at the marginal rate. Keeping Old Tax Records A guide to how long you need to keep those old records.   Keep A Low Audit Profile A general overview of how returns are selected for examination.   Is Your Withholding Enough? When you should be concerned and what to do about it.    Understanding AGI Phase out Provisions A taxpayer’s AGI is used to limit beneficial provisions of the tax law for higher income taxpayers.    Avoiding Underpayment Penalties Learn how safe harbor prepayments can avoid penalties while letting you put off paying taxes until April 15th.   Transform Nondeductible Interest to Deductible Interest For individuals, the itemized deduction for interest is generally limited to home mortgage and investment interest. However, there are steps that can be taken to convert nondeductible interest into deductible interest.   Years of Inflation and the AMT Pose a Growing Tax Threat The Alternative Minimum tax was originally designed to tax higher income taxpayers that were sheltering their income and avoiding taxation. Years of inflation now threaten more taxpayers with this minimum tax.   Get a Big Refund this Year? You may not want to keep giving Uncle Sam interest free loans.