If your business is farming or fishing, you have until April 15, instead of March 1, to file your 2012 tax return and pay any tax due for 2012.
Farmers and fishermen normally must file and …pay by March 1 if they didn’t make quarterly estimated tax payments during the previous year. Because a new tax law was signed on January 2, 2013, the IRS is still reprogramming and testing its computers to handle the rule changes. The agency has delayed the start date for processing tax returns using certain forms, several of which are generally used by farmers and fishermen.
Farmers and fishermen who file and pay by April 15, 2013, will not be subject to penalties for missing the March 1 deadline. To qualify as a farmer or fisherman, at least two-thirds of the taxpayer’s total income must have come from farming or fishing in either 2012 or 2011. The relief applies to all farmers and fishermen, whether their return includes the late-released forms or not.
Written by: Doug Rodrigues