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Paul is now part of the fourth generation in America that is involved in farming and hopes the next generation will be involved also. Through his blog he provides analysis and insight to farmer tax questions.
As most of our readers know, the IRS has extended the March 1 farmer filing deadline to April 15, 2013 for those farmers who MISS the March 1 deadline. One of the major forms that farmers were waiting for was Form 4565 - Depreciation which was released yesterday.
However, there are still several forms that will most likely not get released until after March 1 that are important to farmers. These include:
Most likely the most important form is the last one since almost all farmers will have some type of Domestic Production Activity Deduction calculation to perform. Therefore, there should be no issue with waiting until after March 1 to file and pay your income tax since these forms are most likely not available until at best, near the original March 1 deadline.
So if we can File using the 4562 and don't need the other forms that aren't out will we have to file & pay before March 1st or will we still have the extension to April 15th?
I don't what to pay a penalty and can't find anything on IRS site.