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.