The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
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The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
Paul is now part of the fourth generation in America that is involved in farming and hopes the next generation will be involved also. Through his blog he provides analysis and insight to farmer tax questions.
We wrote on this subject a few weeks ago, but wanted to reinforce that farmers should consider paying an estimated tax payment today. If you make that payment, you now have until April 15, 2019 to file your income tax return instead of trying to get it done by March 1.
With all of the changes due to tax reform, it may be impossible to get your tax return timely filed by March 1 and we cannot expect the IRS to grant an extension to file like they did a few years back.
That extension was granted since Congress passed a tax extender law right at year-end and the IRS had to update their forms to process tax returns. The IRS has had a full year to update their forms for tax reform so we may not get the same relief.
Remember, the payment required is the lesser of (1) 100% of 2017 tax paid or 2/3rds of this year's expected tax. If you are a little short, the penalty is really an interest charge from January 15 until you pay the tax.
If you miss today's deadline, go ahead and still send in a payment. If you are 2 days late on a $10,000 payment, the penalty is $3 if you pay the remainder on April 15.
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