Most of my income is from farming. Are there any special provisions related to estimated tax payments for farmers?
If you have income from farming, you may be liable for making estimated tax payments if not filing your return and paying the entire tax due on or before March 1 of the year your return is due. This rule applies if at least 2/3 of your total gross income is from farming during the tax year or previous tax year. IRS Publication 505 , Tax Withholding and Estimated Taxes.
A. If you have income from farming, you may be able to avoid making estimated tax payments by filing your return and paying the entire tax due on March 1 of the year your return is due. If March 1 falls on a weekend or legal holiday, you have until the next business day to file and pay tax. This estimated tax rule generally applies if at least 2/3 of your total gross income is from farming this year. Refer to Publication 505, Tax Withholding and Estimated Tax, and Tax Topic 416, Farming and Fishing Income, for additional information.
