IRS Announces Extended Farmer Deadline

Deadline for Federal Tax
The Internal Revenue Service announced that due to the extended processing time for many tax forms including form 4562 (Depreciation), that the deadline for any farmer and fisherman has been extended April 15, 2013 from March 1, 2013. 

To take advantage of the extended due date, the farmer will file out Form 2210-F and check the waiver box and attach it to the tax return.  Nothing else will be required.

Deadline for Iowa Tax
As for the Iowa state tax, if at least 2/3 of your income is from farming or commercial fishing, you may normally avoid penalty for underpayment of 2012 estimated tax in one of the following ways:

1. Pay the estimated tax in one payment on or before January 15, 2013, and file the Iowa income tax return by April 30, or 
2. File the Iowa income tax return and pay the tax due in full on or before March 1, 2013.

The federal legislation passed on January 1, 2013 to avert the “fiscal cliff” required revisions to Internal Revenue Service (IRS) forms and processes. Included were revisions impacting farmers and commercial fishers. These revisions may affect the ability of many farmers and fishermen to file and pay their taxes by the March 1 deadline. Therefore, farmers or fishers who miss the March 1 deadline will not be subject to the penalty if they file and pay their Iowa taxes by April 15, 2013.