Tax Preparation Help  
FAQ 9.2 2006 Tax Year

Estimated Tax: Farmers & Fishermen

Most of my income is from farming. Are there any special provisions related to estimated tax payments for farmers?

If you have income from farming, you may be able to avoid making estimated tax payments by filing your return and paying the entire tax due on or before March 1 of the year your return is due. If March 1 falls on a weekend or legal holiday, you have until the next business day to file and pay tax. This estimated tax rule generally applies if at least 2/3 of your total gross income is from farming this year or previous year. Refer to Publication 225, Farmer's Tax Guide, and Tax Topic 416, Farming and Fishing Income, for additional information.


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