This year the IRS has announced that farmers and fisherman will be granted a relief from tax penalties due to filing past the March 2nd tax deadline. This is excellent news for those who have been waiting to receive corrected 1095-A forms from the Health Insurance Marketplace. Farmers and fisherman were given an extension and are now not required to file their taxes and pay any owed amount until April 15th, 2015. A number of individuals were sent notice that due to an error with the 1095-A forms, they would be receiving corrected ones. This extension and relief from late fees was decided so they would not be penalized and have ample time to prepare their taxes when the new forms arrive.
For Farmers and Fisherman
To be included in this relief, the individual must be considered a full-time farmer or fisherman by the IRS. Ataxpayer is considered a farmer or fisherman when at least two-thirds of their gross income was directly from either farming or fishing in 2013 or 2014. In typical years, the deadline for these returns is March 1st, and in 2015 the date was pushed to March 2nd because the deadline fell on a Sunday. Generally, this effects farmers and fishermen who do not choose to make quarterly estimated tax payments only.
How to File
If you are a farmer or fisherman in need of this tax relief, you will need to submit IRS Form 2210-F to your annual return. Whether mailing in your return or filing electronically this form can be submitted with it. To complete this form, simply include your name and tax identifying number, and also check Box A in Part One of the form to request the waiver. The remainder of the tax form should be left blank. More information about this waiver and assistance with Form 2210-F can be found at irs.gov.
Why Landwehr Financial Solutions?
The professionals at Landwehr Financial Solutions are dedicated to protecting you from undue penalties, and can be a great help in meeting the financial and tax needs of small businesses. Offering a wide range of services with a holistic approach, Landwehr Financial ensures that your company is understood and well cared for. Contact us today to learn more about our services, and experience first-hand the level of care we give to all of our clients in the St. Cloud MN area.