TLDR*: If you’re an LLC (which most farms are), then April 15th is your tax day (or October 15th if you file an extension). If you’re a corporation or work as a contractor, you have quarterly filing requirements, and Sept. 15 is a tax deadline for third-quarter estimated payments.
Do I Need to Pay Quarterly Tax Estimates?
If you run a farm, fishery, or forestry operation, the IRS gives you a little break compared to other self-employed folks. Generally, self-employed contractors, freelancers, and LLC owners who aren’t farming need to make quarterly estimated tax payments. That means paying taxes four times a year to avoid penalties and interest.
However, there’s an agriculture exception: if your farm, fishing, or forestry income is your primary source of earnings and you meet certain thresholds, you may not need to make quarterly payments. Instead, you can wait until your annual tax return on April 15 (or October 15 if you file an extension).
For other business structures:
- LLCs (most farms): April 15 is your tax day (October 15 with an extension). Quarterly payments generally aren’t required unless you have non-farm income.
- Corporations or self-employed contractors: Quarterly filings are still required, no exception
Impact of Recent Legislation
According to Intuit, new tax changes from the “One Big Beautiful Bill” also impact deductions and credits. There are updates for SALT deductions (increased to $40,000 for single filers, $20,000 for joint), energy credits, tips/overtime workers, and even some Pell Grant and student loan reforms.
If this feels overwhelming, you’re not alone–tax rules change often, and keeping up can be a full-time job on its own! That’s where we can help. Our bookkeeping services streamline your farm’s finances, reconcile payments from platforms like CashApp or Zelle, and help you stay on top of deadlines like this one. Even small adjustments now can save time, stress, and money when tax season rolls around.
*TLDR means too long didn’t read; it’s the summary of this article. We know you’re busy, so we want to let you know what’s going on in 30 seconds or less.