Due date--farmer's tax return

[Dan]

Question: If a farmer does not pay estimated taxes: when is he requried to file his return and not have to pay a penalty?

Question: If a farmer does not pay estimated taxes: when is he required to file his return if he pays a penalty?

What are the dates in which a farmer must file his return?

[TAXBILLY]

Go to http://www.irs.gov and search for farmers and estimated tax.

taxbilly

[Dan]

I've already research that, (if you don't pay estimated tax) it is March 2, 2009

An owner of an H&R Block (tax preparer) mentioned a later date that the return is due and I want to see what those in this community regard as when the return is due?

[TAXBILLY]

Don't understand what you are asking.

Question one date is March 2.

Question two date is variable from March 3 - April 15th. Penalty depends when it's paid.

Of course one can file an extension past April 15 also.

taxbilly

[taxtrio]

I do seem to remember that if the return is filed and tax is paid by Jan 31st then there is no 2210 penalty for the 4th quarter estimated payment being paid late. I haven't researched it to see if it still applies. But you might look at the exception for 2210 penalties--

Taxtrio

[kcjenkins]

For Farmers, there is a special rule, they have until the First of March, or the first business day after that, if March 1st is on a weekend, so this year it is March 2. But, of course, if they don't owe, or are willing to pay penalty, they can wait until April 15, just like anyone else. But if they file and pay by the March deadline, they do not have any penalty. This rule recognizes that farming is one business where there is no good way to estimate what income will be, from year to year, so also no way to estimate tax liability. Too Dependant on both weather and market fluctuations.

[Gail in Virginia]

This rule also applies to Fishermen. And for the rule to apply, 2/3 of gross income has to be from farming or fishing.