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| Wife ran a catering business for 30+years & I farmed. Had a bad farm year once & her catering business accounted for more than 50% of our income that year. IRS tried to penalize us for not paying quarterly. We appealed & they ruled in our favor saying as long as gross farm income was 50% vs net business income we were exempt from quarterly estimated tax. This was several years ago so maybe rules have changed since then. | |
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Paying taxes quarterly
