Am I a Farmer

We review the rules for being a farmer for estimated tax purposes

Photo by James Baltz on Unsplash

Taxpayers are required to pay in income taxes either via withholding or tax estimates. The Tax Code allows taxpayers a special option. If they pay and file their income tax return by the end of January, they are not required to pay in any taxes during the calendar year. This is extremely difficult for any taxpayer to accomplish.

However, if you qualify as a farmer, then this “deadline” gets pushed to March 1 and this is commonly referred to as the Farmer’s Due Date. It is in fact not a due date, but a special option solely for farmers.

But what is a qualifying farmer. To qualify as a farmer, you must have two-thirds of your gross income be from farming. Gross income from farming includes: