If you are working hard on taxes, the Internal Revenue Service on Friday provided some relief from the March 1 deadline, pushing the due date to April 15 for farm tax returns, if you make a request.
IRS says computers have to be reprogrammed and tested to accommodate your depreciation Form 4562 as a result of the tax law revisions implemented earlier this month.
Normally, farmers and fishermen who choose not to make quarterly estimated tax payments are not subject to a penalty if they file their returns and pay the full amount of tax due by March 1. Under the guidance to be issued, farmers or fishermen who miss the March 1 deadline will not be subject to the penalty if they file and pay by April 15, 2013. A taxpayer qualifies as a farmer or fisherman for tax-year 2012 if at least two-thirds of the taxpayer’s total gross income was from farming or fishing in either 2011 or 2012.