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Many Farmers and Fishers Face March 1 Tax Deadline

Article Highlights:

  • Special March 1, 2024, Due Date

  • Qualifying Farmer or Fisher Definition

  • Special Dates for Maine and Massachusetts

  • Disaster Area Extended Due Dates

  • Extensions

Farmers and fishers who chose to forgo making 2023 estimated tax payments by January must generally file their 2023 federal income tax return and pay all taxes due by Friday, March 1, 2024.

The special March 1, 2024, deadline allows farmers and fishers to avoid any estimated tax penalties. Though several tax-payment options are available, a taxpayer can use a quick, easy and free option to pay from their bank account by using their IRS Online Account or schedule payments in advance using IRS Direct Pay.

The special deadline applies to anyone who qualifies as a farmer or fisher and did not make an estimated tax payment by Jan. 16, 2024. Those who made a qualifying payment by Jan. 16, 2024, can wait until the regular April 15, 2024, deadline to file and still avoid estimated tax penalties. The deadline is April 17, 2024, in Maine and Massachusetts.

For this purpose, a farmer or fisher is anyone who received at least two-thirds of their gross income from farming or fishing during either 2022 or 2023.

Special Rules for Disaster Areas - Disaster-area taxpayers, including farmers and fishers, have more time to file and pay. Currently, individuals and businesses in parts of Connecticut, Maine, Michigan, Rhode Island, Tennessee, and West Virginia, have until June 17, 2024, to file their 2023 return and pay any tax due. This extension is automatic based upon the taxpayer’s address and there’s no need to file any paperwork or contact the IRS to qualify.

Extensions - In addition, like other taxpayers, those farmers and fishers who need more time can request a tax-filing extension to Oct 15, 2024. However, this is an extension to file and not an extension to pay. Unpaid balances after the April due date will be subject to an interest penalty.

Please contact this office for additional details and assistance with your particular situation.

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Get to Know Prestige Accounting Services Group (previously Prestige Wealth Accounting Group)


Offices in Flemington, NJ and Califon, NJ

Our Mission: At Prestige Accounting Services Group (previously Prestige Wealth Accounting Group), we are on a mission to redefine the tax experience for individuals and small businesses. With a focus on personalized service, strategic planning, and expert guidance, we aim to empower our clients to succeed financially with confidence and ease.

Expertise in Action: With a wealth of experience and a team of dedicated professionals, we specialize in individual and small business tax preparation. While we excel in all areas of taxation, our passion lies in serving the unique needs of small business owners in New Jersey. We understand that small business taxation requires specialized knowledge and attention to detail, which is why we go above and beyond to ensure our clients receive the guidance and support they deserve.

Tailored Solutions for Every Client: Whether you're a high-net-worth individual seeking comprehensive tax planning or a small business owner in need of accounting and bookkeeping assistance, we have the expertise to meet your needs. Our team takes the time to understand your specific situation and develop customized solutions that align with your goals and objectives.

Why Choose Us?: What sets us apart from other New Jersey tax firms is our commitment to excellence and innovation in the field of taxation. We don't just prepare tax returns; we provide strategic insights, proactive planning, and actionable advice to help our clients achieve their financial goals. With a team of two CPAs, an EA, and an ERO, we have the expertise and resources to deliver exceptional service and results.

Your Success is Our Priority: At Prestige Accounting Services Group (previously Prestige Wealth Accounting Group), we measure our success by the success of our clients. We are dedicated to building long-lasting relationships, providing unparalleled service, and helping our clients thrive in today's ever-changing tax landscape.

We can't wait for you to experience the Prestige Accounting Services Group (previously Prestige Wealth Accounting Group) difference.

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