Farmers and Fishers to avoid any estimated tax penalties

 The special March 1, 2024, deadline allows farmers and fishers to avoid any estimated tax penalties. Taxpayers can use IRS Direct Pay to schedule a payment from their bank account with no registration or login required.

The special March 1, 2024, deadline applies to anyone who qualifies as a farmer or fisher and did not make an estimated tax payment by Jan. 16, 2024. Those who made a qualifying payment by Jan. 16, 2024, can wait until the regular April 15, 2024, deadline to file and still avoid estimated tax penalties.

The deadline is April 17, 2024, in Maine and Massachusetts.

For this purpose, a farmer or fisher is anyone who received at least two-thirds of their gross income from farming or fishing during either 2022 or 2023.

Farmers Use Schedule F (Form 1040), Profit or Loss From Farming, to report income and expenses.

Fishers Use Schedule C (Form 1040), Profit or Loss from Business (Sole Proprietorship), to report income and expenses.

                                        

Disaster-area taxpayers, including farmers and fishers, have more time to file and pay. Currently, individuals and businesses in parts of Connecticut, Maine, Michigan, Rhode Island, Tennessee and West Virginia, have until June 17, 2024, to file their 2023 return and pay any tax due. This extension is automatic; taxpayers don’t need to file any paperwork or call the IRS to get it.

Like other taxpayers, those in a disaster area who need more time can request a tax-filing extension.

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