The Internal Revenue Service (IRS) has issued a reminder to farmers and fishers who opted out of making estimated tax payments in January that they must file their 2024 federal income tax return and pay any taxes due by March 3, 2025. The usual March 1 deadline has been extended to the next business day since it falls on a Saturday this year.
Avoiding Estimated Tax Penalties
Farmers and fishers who meet the two-thirds gross income requirement from farming or fishing during 2023 or 2024 are eligible for the March 3 deadline, provided they did not make an estimated tax payment by January 15, 2025. Those who did make a payment by January 15 can wait until the regular April 15, 2025, filing deadline without incurring estimated tax penalties.
The IRS recommends taxpayers use electronic payment options such as IRS Online Account and IRS Direct Pay, which are available exclusively on IRS.gov.
Disaster-Area Tax Extensions
Taxpayers affected by federally declared disasters automatically receive extended deadlines for filing and payments. No special paperwork or IRS contact is required to qualify.
Currently, taxpayers in Alabama, Florida, Georgia, North Carolina, and South Carolina, along with portions of Alaska, New Mexico, Tennessee, Virginia, and West Virginia, have until May 1, 2025, to file and pay their taxes.
For California wildfire victims, the deadline is extended further to October 15, 2025, while taxpayers throughout Kentucky have until November 3, 2025. No additional extensions beyond these dates are available.
Taxpayers needing more time beyond these extended deadlines can request an extension to October 15, 2025, but any taxes owed must still be paid by the original extended deadline to avoid penalties. Extension requests must be electronically filed by April 15, 2025. Between April 15 and May 1, requests must be submitted via paper filing. More details are available at IRS.gov/extensions.
Electronic Payment Options for Faster Processing
The IRS encourages taxpayers to use IRS Online Account for same-day payments, checking account balances, and reviewing payment history. Another option, IRS Direct Pay, allows taxpayers to make or schedule a tax payment directly from their bank account without needing to log in or register. Businesses can also use the Electronic Federal Tax Payment System (EFTPS) for secure payments.
For more information on payment methods, visit IRS.gov/payments.
Required Tax Forms for Farmers and Fishers
Farmers:
- Schedule F (Form 1040): Reports profit or loss from farming.
- Schedule SE (Form 1040): Calculates self-employment tax if net earnings exceed $400.
- Additional guidance: Publication 225, Farmer’s Tax Guide and Topic No. 554, Self-Employment Tax.
Fishers:
- Schedule C (Form 1040): Reports profit or loss from fishing businesses.
- Schedule SE (Form 1040): Calculates self-employment tax if net earnings exceed $400.
- Additional guidance: Publication 334, Tax Guide for Small Business.
Taxpayers operating as partnerships or corporations should refer to Publication 541 (Partnerships) or Publication 542 (Corporations) for specific filing guidelines.
For information on estimated taxes, refer to Publication 505, Tax Withholding and Estimated Tax, and Topic No. 416, Farming and Fishing Income.
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