The Internal Revenue Service is reminding farmers and fishermen about
Wednesday’s deadline to take advantage of special rules that can allow them to
forgo making quarterly estimated tax payments.
Taxpayers with income from farming or fishing have until Wednesday, March 1
to file their 2016 Form 1040 and pay the tax due to avoid making estimated tax
payments. This rule generally applies if farming or fishing income was at least
two-thirds of the total gross income in either the current or the preceding tax
year.
Since 2014, IRS Direct Pay has offered individual taxpayers an easy way to
quickly pay the tax amount due or make quarterly estimated tax payments
directly from checking or savings accounts without any fees or
pre-registration.
IRS Direct
Pay is available 24 hours a day, seven days a week and can be scheduled up
to 30 days in advance. Last year, IRS Direct Pay received more than nine
million tax payments from individual taxpayers totaling more than $31.6
billion.
When a taxpayer uses the tool they receive instant confirmation after they
submit their payment. 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 electronically should
enroll in the Electronic Federal Tax Payment System (EFTPS),
or visit IRS.gov/payments
to check out other payment options.
Farmers and fishers choosing not to file by March 1 should have made an
estimated tax payment by Jan. 17 to avoid a penalty.
Related Items
- Tax Topic 416, Farming
and Fishing Income
- Publication
5034 Need to Make a Tax Payment? (English and Spanish)
- Fishing
Tax Center
- Agriculture
Tax Center
No comments:
Post a Comment