CLARKSBURG, W.Va. (WBOY) — The IRS Tuesday reminded businesses that receive income from farming or fishing to file and pay their taxes on or before Wednesday, March 1.
Farmers and fishers who did not pay their estimated taxes for 2022 by Jan. 17 must file and pay those taxes by March 1. Taxpayers can use either their online IRS account or a direct payment using their bank accounts.
Farmers and fishers who paid their estimated taxes by Jan. 17 can still file by the regular April 18 tax deadline, though the IRS said in a press release this special rule usually applies when the income from farming or fishing is equal to or greater than 2/3 of the total gross income of the current or previous tax year.
The IRS also provided a list of useful links that farmers and fishers can use to help file their taxes in time for Wednesday’s deadline:
- 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.
- 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.
- 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.