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Frequently Asked Tax Questions

Estimated Tax - Farmers & Fishermen

  1. Most of my income is from farming. Are there any special provisions related to estimated tax payments for farmers?

Rev. date: 10/29/2013

Most of my income is from farming. Are there any special provisions related to estimated tax payments for farmers?

If you are a calendar year taxpayer and at least two-thirds of your gross income for 2011 or 2012 is from farming or fishing, you have only one payment due date for your 2012 estimated tax, January 15, 2013. The due dates for the first three payment periods do not apply to you.  See "When To Pay Estimated Tax" in Publication 505, Tax Withholding and Estimated Tax.
The penalty for failure to pay estimated taxes, which includes failing to pay enough estimated taxes, for 2012 is figured on the difference between the amount of 2011 withholding plus estimated tax you paid by the due date and the smaller of:
  1. 66 2/3% (rather than 90%) of your 2012 tax, or
  2. 100% of the tax shown on your 2011 return.
If you are a calendar year taxpayer and you file your 2012 Form 1040 by March 1, 2013, you do not need to make an estimated tax payment if you pay all the tax you owe at that time.   If March 1, 2013 falls on a weekend or legal holiday, you have until the next business day to pay all the tax you owe.
Fiscal year farmers and fishermen.   If you are a farmer or fisherman, but your tax year does not start on January 1, you can either: