19 Feb Tax Deadline for Farmers and Fishermen
For those of you whose income comes primarily from a farming or fishing business, you can avoid making estimated tax payments by filing and paying your entire tax due on or before March 1. This generally applies if farming or fishing income was at least two-thirds of your total gross income in either the current or the preceding tax year. If you choose not to file by March 1, you should have already made an estimated tax payment on or before January 15 to avoid an estimated tax penalty.
You will use Schedule F Form 1040 to report income and expenses. Schedule SE Form 1040 figures the self-employment tax if net farming earning are $400 or more. The Farmers Tax Guide is the resource we use for all things farming tax related.
You will use Schedule C Form 1040 to report income and expenses. You will also use Schedule SE Form 1040 for self-employment tax if net fishing earnings are $400 or more.
If you have one of these businesses and need some last minute help, call our office now to get scheduled!