IRS reminds farmers of March 1 tax deadline

Gannett Kansas

WASHINGTON — The Internal Revenue Service reminds those with income from a farming or fishing business can avoid making any estimated tax payments by filing and paying their entire tax due on or before March 1.

This rule generally applies if farming or fishing income was at least two-thirds of the taxpayer’s total gross income in either the current or the preceding tax year. Those who choose not to file by March 1 should have made an estimated tax payment by Jan. 15 to avoid an estimated tax penalty. For more information on estimated tax, refer to Publication 505, Tax Withholding and Estimated Tax.

Those in the farming business report income and expenses on Schedule F (Form 1040), Profit or Loss From Farming. They also use Schedule SE (Form 1040), Self-Employment Tax to figure self-employment tax if their net earnings from farming are $400 or more.

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