IRS Offers Estimated Tax Relief for Farmers and Fishermen

Farmers and fishermen have more time to file their 2021 tax return if they didn't make estimated tax payments for the year.

picture of a farmer feeding cows
(Image credit: Getty Images)

Like everyone else, farmers and fishermen must pay federal income taxes throughout the year as they earn income. If those taxes aren't paid through withholding from wages or other sources, quarterly estimated tax payments are typically required. If Uncle Sam doesn't get paid on time, you could be looking at a stiff IRS penalty. However, if at least two-thirds of your gross income is from farming or fishing, there are a couple of loopholes that let you adjust the normal timetable for making estimated tax payments or avoid them altogether.

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Rocky Mengle

Rocky Mengle was a Senior Tax Editor for Kiplinger from October 2018 to January 2023 with more than 20 years of experience covering federal and state tax developments. Before coming to Kiplinger, Rocky worked for Wolters Kluwer Tax & Accounting, and Kleinrock Publishing, where he provided breaking news and guidance for CPAs, tax attorneys, and other tax professionals. He has also been quoted as an expert by USA Today, Forbes, U.S. News & World Report, Reuters, Accounting Today, and other media outlets. Rocky holds a law degree from the University of Connecticut and a B.A. in History from Salisbury University.