Farming & Fishing Income

Published: March 24, 2020, 12:21 a.m.

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f you have income from your farming or fishing business, you may be able to avoid making any estimated tax payments by filing your return and paying your entire tax due on or before March 1 of the year your return is due. This rule generally applies if farming or fishing income was at least two-thirds of your total gross income in either the current or the preceding tax year. If March 1 falls on a weekend or legal holiday, you have until the next business day to file your return and pay the tax.

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If you choose not to file by March 1, you can make a single estimated tax payment by January 15 or the next business day if January 15 falls on a weekend or legal holiday, to avoid an estimated tax penalty. If these special rules don\'t apply, you may have to make quarterly estimated tax payments. For more information on estimated tax, refer to Publication 505, Tax Withholding and Estimated Tax.

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www.fender-tax.com

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