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IRS - Farming and fishing income
IRS - Farming and fishing income

Special tax rules apply to farmers and fishermen, allowing them to avoid estimated tax payments under certain conditions.

Nicole Lacorte avatar
Written by Nicole Lacorte
Updated over 2 weeks ago

Filing & Payment Deadlines

  • If at least two-thirds of your total gross income comes from farming or fishing in the current or previous tax year, you may avoid estimated tax payments by:

    • Filing your return and paying the entire tax due by March 1 (or the next business day if March 1 falls on a weekend/holiday).

  • If you don’t file by March 1, you can:

    • Make a single estimated tax payment by January 15 to avoid an estimated tax penalty.

📌 If these special rules don’t apply, you may need to make quarterly estimated tax payments.

Farming Income & Reporting

  • Report farming income & expenses on Schedule F (Form 1040), Profit or Loss From Farming.

  • If your net earnings from farming are $400 or more, use Schedule SE (Form 1040) to calculate self-employment tax.

Fishing Income & Reporting

  • Report fishing income & expenses on Schedule C (Form 1040), Profit or Loss From Business (Sole Proprietorship).

  • If your net earnings from fishing are $400 or more, use Schedule SE (Form 1040) to calculate self-employment tax.

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