IRS Reminds Farmers and Fishers of Approaching Tax Deadline

IRS Reminds Farmers and Fishers of Approaching Tax Deadline

IRS Reminds Farmers and Fishers of Approaching Tax Deadline 150 150

The Internal Revenue Service (IRS) has reminded farmers and fishermen about the looming tax deadline for March 1, 2024. This notice explicitly targets those who opted not to make estimated tax payments by January and are now required to file their 2023 federal income tax return and settle all due taxes by the upcoming Friday deadline.

This particular March 1 deadline is designed to benefit farmers and fishers, allowing them to circumvent penalties associated with estimated taxes. The IRS offers several payment methods, including an efficient, cost-free option for direct bank account payments through the taxpayer’s Online Account or the option to arrange payments in advance via IRS Direct Pay.

Eligibility for this deadline is contingent on individuals who qualify as farmers or fishers and who refrained from making an estimated tax payment by January 16, 2024. Those who did make a qualifying payment by this date have the liberty to file by the regular deadline of April 15, 2024, without incurring penalties. An extension to April 17, 2024, is provided for residents of Maine and Massachusetts, as detailed in Publication 505, Tax Withholding and Estimated Tax.

The criteria for being considered a farmer or fisher for this purpose include earning at least two-thirds of gross income from farming or fishing activities during either the 2022 or 2023 tax years.

Special Considerations for Disaster-Affected Areas

Taxpayers in designated disaster areas, including those whose income is primarily from farming or fishing, are granted an extension until June 17, 2024, to file their 2023 tax returns and pay any owed taxes. This extension is granted automatically, negating the need for affected individuals to submit additional paperwork or contact the IRS directly. Those requiring further time beyond this extension can apply for a tax-filing extension through the IRS website.

Online Payment: A Convenient Option

The IRS emphasizes the convenience, speed, and security of making payments online through the Online Account portal, which allows taxpayers to make same-day payments directly from their bank accounts. This platform also provides access to payment history, outstanding balances, and plan information, along with digital copies of specific IRS notices.

For those preferring a straightforward method without the need for registration, IRS Direct Pay offers a reliable solution for scheduling bank account payments. Business tax payments can be made through the Electronic Federal Tax Payment System (EFTPS), which also accommodates individual income tax payments.

Relevant Forms and Publications

Farmers should use Schedule F (Form 1040) for income and expense reporting and Schedule SE (Form 1040) for self-employment tax if net farming earnings exceed $400. Additional resources include Topic No. 554, Publication 225 (Farmer’s Tax Guide), and the Agriculture Tax Center.
Fishers are directed to use Schedule C (Form 1040) for income and expenses, with Schedule SE (Form 1040) for self-employment tax calculations if net fishing earnings are $400 or more. Publication 334 (Tax Guide for Small Business) is recommended for commercial fishers filing Schedule C.

For more detailed information on payment options and tax preparation, visit the IRS official website at IRS.gov/payments.

Bild: Envato Elements

Dieser Artikel, "IRS Reminds Farmers and Fishers of Approaching Tax Deadline“ wurde erstmals am veröffentlicht Trends für kleine Unternehmen

    EA-SOZIALE MEDIEN

    Wir wissen, was funktioniert und die besten Ergebnisse bringt!

    Soziale Medien – Design, Marketing

    Arbeitszeit : 7:00 – 20:00 Uhr
    Die Anschrift : Cevizli, Zuhal Street, Ritim Istanbul A1 Block
    Nr: 46 / 1 Wohnung Nr: 188 Maltepe / Istanbul
    Telefon : +90 539 669 6587

    Datenschutzeinstellungen

    Wenn Sie unsere Website besuchen, speichert sie möglicherweise Informationen über Ihren Browser von bestimmten Diensten, normalerweise in Form von Cookies. Hier können Sie Ihre Datenschutzeinstellungen ändern. Es ist erwähnenswert, dass das Blockieren einiger Arten von Cookies Ihre Erfahrung auf unserer Website und den Diensten, die wir anbieten können, beeinträchtigen kann.

    Unsere Website verwendet Cookies, hauptsächlich von Drittanbieterdiensten. Definieren Sie Ihre Datenschutzeinstellungen und/oder stimmen Sie unserer Verwendung von Cookies zu.