March 1 Tax Deadline Nears for Many Farmers, Fisherman

Businesses with income from farming or fishing that have not paid all of their 2023 tax year estimated taxes by Jan. 16 must file their tax returns and pay their entire tax due on or before March 1.

Only those taxpayers that have paid their estimated tax payments by Jan. 16 can file by the regular April 15 deadline and avoid estimated tax penalties, the IRS said. 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 California, Connecticut, Maine, Michigan, Rhode Island, Tennessee, Washington, and West Virginia have until June 17 to file their 2023 return and pay any tax due. This extension is automatic; tax professionals and taxpayers don’t need to file any paperwork or call the IRS to get it.

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.