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Our newsline provides the latest news from the IRS, due dates, reminders, and thoughtful insights on accounting and tax related topics

IRS Reminds Farmers, Fishermen about March 1 Tax Deadline

2/24/2017

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The Internal Revenue Service reminds farmers and fishermen about the March 1 deadline to take advantage of special rules that can allow them to forgo making quarterly estimated tax payments.
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Taxpayers with income from farming or fishing have until March 1 to file their 2016 Form 1040 and pay the tax due to avoid making estimated tax payments. This rule generally applies if farming or fishing income was at least two-thirds of the total gross income in either the current or the preceding tax year.
  
Remember that that the taxes will still be due when filing the 2017 Form 1040.

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