RELATED: The IRS Is Now Warning You to Do This Before Filing Your Taxes. The IRS posted a new notice on Feb. 17, alerting some taxpayers that they may be required to file their taxes earlier than the normal deadline of April 18. There are two determinants for this exception: If you have an income from a farming or fishing business and if you did not make estimated tax payments. If this applies to you, you’ll need to file and pay your entire tax by the start of next month.ae0fcc31ae342fd3a1346ebb1f342fcb “Farmers and fishers who decided to forgo making estimated tax payments have the option to pay the entire tax due on or before March 1,” the IRS confirmed in its notice. People who make at least two-thirds of their gross income from farming or fishing typically have a different payment timeline than other taxpayers. They have to make quarterly estimated tax payments—which includes a deposit in January—if they want to wait to file with most taxpayers by the usual IRS deadline. But if you did not do this and do not file by the March 1 deadline, you could face financial consequences. “Those opting to file by the regular April 18 deadline should have made an estimated tax payment by Jan. 15 to avoid an estimated tax penalty,” the IRS warned. RELATED: For more financial advice delivered straight to your inbox, sign up for our daily newsletter. Farmers and fishers who have to pay their entire tax on or before March 1 can pay from their bank account either using their online IRS account or by scheduling a payment in advance using the tax agency’s Direct Pay tool, according to the IRS. Those who wait closer to the first of the month should opt for an online account payment because it can transfer deposits in less than a day. “Online account allows individuals to make same-day payments from a checking or savings account,” the IRS explained. “Taxpayers can use IRS Direct Pay to schedule a payment from their bank account for their tax deadline with no registration or login required.” According to the IRS, the filing deadline for 2021 tax returns is April 18. This means that most taxpayers will have to submit their returns to the agency or file an extension and pay tax owed by this date. In the past, the deadline has been April 15, but a holiday has pushed this date back in 2021. “Washington, D.C., holidays impact tax deadlines for everyone in the same way federal holidays do. The due date is April 18, instead of April 15, because of the Emancipation Day holiday in the District of Columbia,” the IRS explained. But another holiday is pushing the filing date back even further for taxpayers in two different states. According to the tax agency, filers who live in Maine or Massachusetts will have until April 19 to submit their paperwork because of the Patriots’ Day holiday in both states. “Taxpayers requesting an extension will have until Monday, Oct. 17, 2022, to file,” the IRS further explained. RELATED: The IRS Just Warned Taxpayers to Never Take This Deduction.
