aquacultureFarming

Federal income taxes for farmers and fishermen

Most businesses are subject to quarterly estimated tax payment requirements. A failure to make these required payments on time results in a penalty. The final estimated tax payment deadline for the prior calendar year is January 15 of the current year. Many small businesses, struggling to keep up with government paperwork demands, miss the deadline and simply opt to pay the penalty.

There is a simple workaround for farmers and fishermen. They can opt out of quarterly payment requirements simply by filing their annual tax return by March 1 instead of the usual April 15 for other taxpayers.

With a modern automated accounting system and a little help from a professional, meeting government requirements and keeping tax liabilities to a minimum is easy. I am pleased to help farmers and fishermen, regardless of their location, learn how to use low cost online technologies to minimize their tax burden.

 

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