Agricultural Economics Department
Date of this Version
12-7-2022
Citation
Cornhusker Economics (December 7, 2022)
Agricultural Economics, University of Nebraska-Lincoln
Abstract
One of the many special tax provisions that has applied only to qualified farmers is the relief from estimated tax requirements. A qualified farmer, who is a calendar year taxpayer, can avoid the estimated tax payment penalty by either: 1) Filing an estimated tax payment by January 15th that is either 2/3 of your expected tax for the current year or 100% of last year's tax, whichever is less, or 2) Filing and paying 100% of the tax by March 1'1.