Under current law, you are not required to file a return on your non farm or farm income until April 15th, but depending on your situation it may cost you by not doing so. The only reason any farmer, full time or otherwise needs to file a Federal tax return by March 1st of any year was when they owed tax and had not made estimated tax payments during the tax year. Even at that the reason to file was to avoid an estimated tax penalty and or to avoid making estimated tax payments. For 2012 tax that was due on April 15th, 2013, the March 1st deadline was waived, this year farmers could have filed and paid on April 15th penalty free whether they had made estimated payments or not, there was an additional form to fill out to request the waiver.
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Today's Featured Article - Tuning-Up Your Tractor: Plugs & Compression Testing - by Curtis Von Fange. The engine seems to run rough. In the exhaust you can hear an occasion 'poofing' sound like somethings not firing on all cylinders. Under loaded conditions the tractor seems to lack power and it belches black smoke out of the exhaust. For some reason it just doesn't want to start up without cranking and cranking the starter. All these conditions can be signals that your unit is in need of a tune up. Ok, so what is involved in a tune up? You say, swap plugs and file the points....now tha
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