IRS Reminds Farmers of March 1 Filing Date to Eliminate Underestimated Tax Penalty

IRS issued IR 2024-43 yesterday reminding farmers who did not make an estimated tax payment by January 16 of the March 1 filing "deadline"

Photo by Stephen Radford on Unsplash

March 1 is commonly referred to as the Farmer’s tax return due date. However, it is not a true due date. It is the date that the Tax Code allows farmers to file and pay their tax by March 1 and not have to make any estimated tax payments for the year.

Most farmers make an estimated tax payment by January 15 (January 16 this year) since from an economic standpoint this is usually best thing to do, and many farmers have more complex situations that do not allow a March 1 filing.