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How should I report Income received from Farm?

 
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Category : > Income Tax Filing Across The USA
Posted On : Tue Oct 06th,2009

 
How should I report Income received from Farm?
 

Farm Income:

If you have income from your farming or fishing business, you may be able to avoid making any estimated tax payments by filing your return and paying your entire tax due on or before March 1st of the year your return is due. This rule generally applies if at least 2/3 of your total gross income was made from farming or fishing in either the current or the preceding year. If March 1st falls on a weekend or legal holiday, you have until the next business day to file and pay tax.

If you choose not to file by March 1st, you can make a single estimated tax payment by January 15th to avoid an estimated tax penalty. If these special rules do not apply, you may have to make quarterly estimated tax payments. Income and expenses from farming are reported on Schedule F. Additionally, self-employment tax may be required if net earnings from farming are in excess of a certain limit. Self-employment tax is figured on Schedule SE.

 

 

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