IR-2024-43, Feb. 20, 2024 WASHINGTON — The Internal Revenue Service today reminded farmers and fishers who chose to forgo making estimated tax payments by January that they must generally file their 2023 federal income tax return and pay all taxes due by Friday, March 1, 2024. The special March 1, 2024, deadline allows farmers and fishers to avoid any estimated tax penalties. Though several tax-payment options are available, a taxpayer can use a quick, easy and free option to pay from their bank account by using their Online Account or schedule payments in advance using IRS Direct Pay. The special March 1, 2024, deadline applies to anyone who qualifies as a farmer or fisher and did not make an estimated tax payment by Jan. 16, 2024. Those who made a qualifying payment by Jan. 16, 2024, can wait until the regular April 15, 2024, deadline to file and still avoid estimated tax penalties. See Publication 505, Tax Withholding and Estimated Tax, for details. The deadline is April 17, 2024, in Maine and Massachusetts. For this purpose, a farmer or fisher is anyone who received at least two-thirds of their gross income from farming or fishing during either 2022 or 2023. Special rules for disaster areas Disaster-area taxpayers, including farmers and fishers, have more time to file and pay. Currently, individuals and businesses in parts of Connecticut, Maine, Michigan, Rhode Island, Tennessee and West Virginia, have until June 17, 2024, to file their 2023 return and pay any tax due. This extension is automatic; taxpayers don’t need to file any paperwork or call the IRS to get it. Like other taxpayers, those in a disaster area who need more time can request a tax-filing extension. Visit IRS.gov/extensions for details. Paying online is safe, fast and easy Online Account allows individuals to make same-day payments from a checking or savings account. Taxpayers can also see their payment history, balance and payment plan information, and digital copies of certain notices sent from the IRS. Taxpayers can use IRS Direct Pay to schedule a payment from their bank account with no registration or login required. Those who need to pay business taxes through the Electronic Federal Tax Payment System (EFTPS) can also choose to use this system to make their individual income tax payments. For more information about these and other payment options visit IRS.gov/payments. Forms and publications to use Farmers 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. Fishers 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. Related items For farmers and fishers 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 Topic no. 416, Farming and fishing income. Publication 5034 (en-sp), Need to Make a Payment? PDF (English and Spanish)
