The Farmer's Tax Calendar

After nearly three decades of consulting with farmers on tax matters, Paul Neiffer of Hansen Neiffer CPAs & Consultants (www.hansenneiffer.com) realized farmers need a tax calendar to know when the numerous reports and forms are due. Neiffer put together this calendar exclusively for Top Producer for 2010. You might want to cut it out and paste it on your office wall. —Jeanne Bernick

Tax Deadlines       

January 15: If farmer elects to pay using the estimated tax system, only the tax estimate due for the preceding calendar year is owed.

January 31: W-2s are due to employees. Annual payroll and state payroll tax reports are due.

February 28: W-2s and Form 1099s are required to be filed with Internal Revenue Service and Social Security Administration.

March 1: If farmer does not make estimated tax payments, if filed by this date, no penalty is owed for not paying estimates as long as farm income is two-thirds of gross income.

March 15: Corporation income tax returns are due (both C and S corporations), unless six-month extension is requested. That extension is automatic.

March 31: If filing electronically, W-2s and Form 1099s can be filed on this date instead of February 28.

April 15: Individual returns are due unless requesting automatic six-month extension.

April 15: Partnership tax returns are due, unless requesting automatic five-month extension.

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