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Due date--farmer's tax return


Dan

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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?

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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?

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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.

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