Many Farmers and Fishers Face March 1 Tax Deadline

Article Highlights:

• Special March 1, 2024, Due Date
• Qualifying Farmer or Fisher Definition
• Special Dates for Maine and Massachusetts
• Disaster Area Extended Due Dates
• Extensions

Farmers and fishers who chose to forgo making 2023 estimated tax payments by January must generally file their 2023 federal income tax return and pay all taxes due by Friday, March 1, 2024.

The special March 1, 2024, deadline allows farmers and fishers to avoid any estimated tax penalties. Though several tax-payment options are available, a taxpayer can use a quick, easy and free option to pay from their bank account by using their IRS Online Account or schedule payments in advance using IRS Direct Pay.

The special 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.

Special Rules for Disaster Areas - 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 based upon the taxpayer’s address and there’s no need to file any paperwork or contact the IRS to qualify.

Extensions - In addition, like other taxpayers, those farmers and fishers who need more time can request a tax-filing extension to Oct 15, 2024. However, this is an extension to file and not an extension to pay. Unpaid balances after the April due date will be subject to an interest penalty.

Please contact this office for additional details and assistance with your particular situation.

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