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Senior Advisor

Don't File By 1 March

I learned from this refrerenced document that whilre there are benefits to filing taxes by 1 March, there are acceptable, no-penalty ways to file by other dates.  Even if you're happy with a 1 March tax deadline, this is a short and interesting read.  It opened my eyes.  Probably, many of you are already aware of it but if you aren't, it can be useful in some circumstances.

 

"Some farmers are under the erroneous idea that all farm tax returns are due on March 1. This is a misconception. Individual calendar year taxpayers have an April 15 deadline. However, if they owe income tax, they may be subject to a penalty for underpayment of estimated taxes. Farmers have a special provision that allows them to avoid this penalty if they file their return by March 1. There is also another provision that they may use." 

 

http://www.farmdocdaily.illinois.edu/2012/03/should_you_file_an_estimated_i.html

 

 

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