The Internal Revenue Service has issued an important message. On March 3, 2025, there is an important deadline that will affect thousands of taxpayers in the United States.
Although many may have thought about the 2025 Tax Season deadline, it is not this one. In fact, it is a deadline that is fast approaching for two groups of taxpayers.
IRS reminds taxpayers of deadline for these 2 groups of citizens
If you are either a fisher or a farmer, you cannot forget about the deadline on March 3, 2025. As a matter of fact, they will have to do two important things to avoid any penalties.
In the first place, farmers and fishers must file. Secondly, they must pay taxes due. This must be done to avoid making estimated tax payments, said the IRS on a recent post on X.
Farmers and fishers who need more information can have a look at Publication 225, which is Farmer’s Tax Guide. It clearly explains how the federal tax laws apply to farming.
Who is in the business of farming according to IRS rules?
The Internal Revenue Service claims that if you cultivate, manage, or operate a farm for profit, it could be either a tenant or an owner, you are in the business of farming in the USA.
Bear in mind that a farm includes truck, fruit, fish, poultry, dairy, and livestock farms. What is more, it also includes orchards, ranges, ranches, and plantations as well.
Moving on to a different topic, the IRS has also made another important reminder for all taxpayers who must file a 2024 tax return. The April 15 deadline will be the deadline to pay your taxes and file. Therefore, you should get ready and file before the deadline is over.
In this way, you will be able to get your 2024 tax refund withing 21 days if you request direct deposit and file electronically. Paper returns take much longer though said the IRS.