Maren Purves <m.purves[at]jach.hawaii.edu> wrote

- quote -

Filing earlier woun't help, but paying the tax
as-soon-as-possible would help somewhat. And,
if paying the tax with the return is easiest,
then send that thing off ASAP.

Paul A. Thomas, CPA
Athens, Georgia

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while I don't usually have problems understanding the
language in tax form instructions, I do have a problem with
this one:

When one files a schedule F, the instructions say that: (I'm
writing this from memory, so it may be a bit off)

if you didn't make estimated tax payments you're usually
not charged a penalty if
- you made 2/3 of your total income from farming
- you file your return and pay all taxes due by March 1.

for us this isn't literally the case. We didn't owe
estimated tax as the farm is still under development and any
income is reinvested - and we don't make 2/3 of our income
from farming.

but, we're somewhat underwitheld (from our full time jobs),
so maybe we should have paid estimated tax, but not because
of the farm income.

We had pretty much the same circumstances last year and
didn't file the rterun (and pay what was due) until 4/15.

Should we file earlier? (and when?)

Thanks,

Maren

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