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.
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.
Ways to Pay:
IRS Direct Pay – IRS Direct Pay offers individual taxpayers an easy way to quickly pay the tax amount due or make quarterly estimated tax payments directly from checking or savings accounts without any fees or pre-registration. Direct Pay is available 24 hours a day, seven days a week and taxpayers can schedule a payment up to 30 days in advance. Last year, IRS Direct Pay received more than nine million tax payments from individual taxpayers totaling more than $31.6 billion. When a taxpayer uses the tool they receive instant confirmation after they submit their payment. Direct Pay cannot be used to pay the federal highway use tax, payroll taxes or other business taxes.
EFTPS – The Electronic Federal Tax Payment System allows individual and business taxpayers to pay their federal taxes electronically. Taxpayers must enroll and receive a PIN in the mail to use EFTPS. Visit IRS.gov/payments to check out other payment options.
Farmers and fishers choosing not to file by March 1 should have made an estimated tax payment by Jan. 17 to avoid a penalty.
Courtesy of IRS
For more information contact Neikirk, Mahoney and Smith at 502-896-2999
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