C IL | blden - 3/17/2024 19:03
So I farmed for 20 years. Tiiled full time 5 years. Use to work a full time job before full time tiling. Never had a year of showing a loss farming. Only paid quarterly once 10 years ago and did not like it. Always paid a small penalty for not paying quarterly but this year was quite a bit more. The way I understand it is since I'm self employed tiling is what is causing more of the penalty. Just kind of curious if that is the right way I am understanding it. I am thinking of paying a half of what my estimated 2024 taxes will be but that's a crap guess
If 2/3 of your gross income is from farming, you either file and pay by march 1, or pay a single tax estimate of 2/3 of your expected tax by January 15th and file and pay the balance by April 15th. The formula for determining the 2/3 of your gross income from farming is complicated. |