IR-2023-34: IRS: Farmers and fishers face March 1 tax deadline

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Issue Number:    IR-2023-34

Inside This Issue

IRS: Farmers and fishers face March 1 tax deadline

WASHINGTON — The Internal Revenue Service today reminded businesses with income from farming or fishing that have not already made their estimated tax payments to file and pay their entire tax due on or before Wednesday, March 1, 2023.

Taxpayers can pay from their bank account using their Online Account or they can schedule payments in advance using IRS Direct Pay.

Farmers and fishers who did not pay all their 2022 estimated taxes by Jan. 17 must file their 2022 tax return and pay the entire tax due by March 1.

Only those that have paid their estimated tax payments by Jan. 17 can file by the regular April 18 deadline and avoid estimated tax penalties. This special rule generally applies when income from farming or fishing makes up at least 2/3 of the total gross income in either the current or the preceding tax year.

Special rules for disaster areas
Disaster-area taxpayers, including farmers and fishers, have more time to file and pay. Currently, taxpayers in most of California and parts of Alabama and Georgia, have until Oct.16, 2023, to file their 2022 return and pay any tax due. This extension is automatic; taxpayers don’t need to file any paperwork or call the IRS to get it.

Like other taxpayers, those in a disaster area who need more time can request a tax-filing extension. Visit IRS.gov/Extensions for details.

Paying online is safe, fast and easy
Online Account allows individuals to make same-day payments from a checking or savings account. Taxpayers can also see their payment history, balance and payment plan information, and digital copies of certain notices sent from the IRS.

Taxpayers can use IRS Direct Pay to schedule a payment from their bank account for their tax deadline with no registration or login required. Those who want to pay business taxes should enroll in and use the (Electronic Federal Tax Payment System (EFTPS).

For more information about these and other payment options visit IRS.gov/payments.

Forms and publications to use

Farmers

• Use Schedule F (Form 1040), Profit or Loss From Farming to report income and expenses.
• Use Schedule SE (Form 1040), Self-Employment Tax to figure self-employment tax if net earnings from farming are $400 or more.
• See Topic No. 554 Self-Employment Tax, Publication 225, Farmer's Tax Guide and Agriculture Tax Center for more information.

Fishers

• Use Schedule C (Form 1040), Profit or Loss from Business (Sole Proprietorship) to report income and expenses.
• Use Schedule SE (Form 1040), Self-Employment Tax to figure self-employment tax if net earnings from fishing are $400 or more.
• See Publication 334, Tax Guide for Small Business for commercial fishers who file Schedule C.

Related items

• For fishers and farmers operating as a partnership or corporation see Publication 541, Partnerships or Publication 542, Corporations.
• For information on estimated tax, see Publication 505, Tax Withholding and Estimated Tax and Tax Topic 416 Farming and Fishing Income.
• Publication 5034, Need to Make a Payment? (English and Spanish)
• For filing information on the Quarterly Federal Excise Tax for manufacturers of sport fishing equipment, see Publication 510, Excise Taxes,  and Form 720, Quarterly Federal Excise Tax Return. 

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