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File Your Return After March 1 Not Before!

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January 30th, 2013

Even though the IRS granted relief for farmers to file their tax return by April 15 of this year, there is a “gotcha” in the details.

If you file your return on or before March 1, 2013, you must also payyour tax on or before March 1.  If you file on March 1 and then pay your tax on April 15, you most likely will be subject to the penalty.

Therefore, to file and pay your tax without the penalty, make sure to file between March 2 and April 15, 2013.  Otherwise, you may owe a penalty you were not counting on.

Paul Neiffer CPA

Paul Neiffer

Paul Neiffer is a certified public accountant and business advisor specializing in income taxation, accounting services, and succession planning for farmers and agribusiness processors. Paul is a partner with CliftonLarsonAllen in Yakima, Washington, as well as a regular speaker at national conferences and contributor at agweb.com. Raised on a farm in central Washington, he has been immersed in the ag industry his entire life, including the last 30 years professionally. In fact, Paul drives combine each summer for his cousins and that is what he considers a vacation.

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3 Comments

  • January 31, 2013 at 6:42 am

    Tax Roundup, 1/31/2013: Happy IRA mulligan day! And on brief, the Tax Update! « Roth & Company, P.C

    [...] Paul Neiffer points out that now that penalties are waived for farmers who file after March 1, they may not want to file by their usual deadline:  File Your Return After March 1 Not Before! [...]

  • February 8, 2013 at 1:13 pm

    Cynthia Galford

    Paul, I have not seen this information anywhere else. Everything I have read says that farm returns are extended to 4-15-2013. Since the 4562 is going to be available to efile on 2-10, I am hesitant to file the farm returns as I have advised my clients their payment is not due until 4-15-2013. Could you please give me the source of your information? Thank-you!

  • February 10, 2013 at 5:22 pm

    Paul Neiffer

    We are basing this on the wording the IRS release saying that the April 15 filing deadline is based on missing the March 1 deadline. Therefore, if you did not miss the March 1 deadline, we believe that the penalties would apply if paid after that date.

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