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Tax Deadline Approaching For US Farming, Fishing Industries

by Mike Godfrey, Tax-News.com, Washington

28 February 2018


The Internal Revenue Service has reminded the farming and fishing industry of the March 1, 2018, deadline to take advantage of special rules that can allow them to forgo making quarterly estimated tax payments.

Anyone with income from a farming or fishing business may be able to avoid making any estimated tax payments by filing their 2017 return and paying the entire tax due on or before March 1. This rule generally applies if farming or fishing income was at least two-thirds of the total gross income in either 2017 or the preceding tax year.

The IRS recommended that taxpayers use its Direct Pay service to pay an individual bill or make an estimated tax payment directly from a checking or savings account. However, it noted that Direct Pay cannot be used to pay the federal highway use tax, payroll taxes, or other business taxes.

Taxpayers who wish to pay their federal business taxes online should enroll in he Electronic Federal Tax Payment System, said the IRS.

TAGS: tax | business | payroll | Internal Revenue Service (IRS) | United States | Tax

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