The Internal Revenue Service reminds farmers and fishermen who chose to forgo making quarterly estimated tax payments that they must file their 2019 Form 1040 along with a payment for all taxes owed by Monday, March 2, 2020.
This special rule normally applies to taxpayers whose farming or fishing income was at least two-thirds of their total gross income in either the current or the preceding tax year. Farmers and fishermen can avoid the estimated tax penalty by both filing and paying all taxes due by March 2. Those who chose to make an estimated tax payment, on or before Jan. 15, 2020, can instead wait and file by the regular April 15 deadline.
IRS Direct Pay is safe, free
The IRS urges farmers and fishermen to take advantage of the speed, convenience and security of IRS Direct Pay to pay their taxes. Anyone can use this free online service to quickly make federal individual income tax payments or quarterly estimated tax payments directly from their checking or savings account. There are no IRS fees and no pre-registration.
IRS Direct Pay is available seven days a week and payments can be scheduled up to 30 days in advance. Users receive instant confirmation after they submit a payment or they can opt in to receive email notifications.
IRS Direct Pay cannot be used to pay the federal highway use tax, payroll taxes or other business taxes. Anyone wishing to pay these business taxes electronically can enroll in the Electronic Federal Tax Payment System (EFTPS). Like IRS Direct Pay, EFTPS is also a free service.
Account On Us offers many services for individuals such as income tax preparation, estate tax preparation, gift tax preparation, IRS inquiries, audits and tax planning. If you have a personal tax or accounting need, please contact Osceola County’s most trusted accounting service, tax preparation and payroll service provider. Call us today at (407) 892-1066 or contact Account On Us today! We are here to help!