MADISON - The Wisconsin Department of Agriculture, Trade and Consumer Protection and the Wisconsin Department of Revenue announced that farmers who choose not to make quarterly estimated tax payments will not be subject to interest on underpayment of estimated tax if they file their 2012 Wisconsin income tax return and pay the full amount of tax due by Monday, April 15.
The customary deadline for Wisconsin farmers to file their 2012 Wisconsin income tax return and pay tax without facing underpayment penalties is March 1.
The extension is in response to the January enactment of the federal American Taxpayer Relief Act. The ATRA caused a delay in the release of several tax forms that are often filed by farmers, including Form 4562, Depreciation and Amortization. The Internal Revenue Service is providing similar relief.
A taxpayer qualifies as a farmer for the 2012 tax year if at least two-thirds of the taxpayer's gross income was from farming in either 2011 or 2012. For a married couple filing a joint return, gross income is the joint total gross income of both spouses.
Farmers who do not make the April 15 deadline will be subject to interest on underpayment of their estimated tax. The extension is for 2012 returns only.
Farmers who file their Wisconsin income tax returns and pay the amount of tax due by April 15 can request the waiver of underpayment interest by entering exception code 4 in the bracketed space on line 55 of Form 1 (line 83 of Form 1NPR). Farmers do not need to attach Schedule U, Underpayment of Estimated Tax by Individuals and Fiduciaries, to their Wisconsin income tax returns.
For more information, visit www.revenue.wi.gov/taxpro/news/130124.html.
The customary deadline for Wisconsin farmers to file their 2012 Wisconsin income tax return and pay tax without facing underpayment penalties is March 1.
The extension is in response to the January enactment of the federal American Taxpayer Relief Act. The ATRA caused a delay in the release of several tax forms that are often filed by farmers, including Form 4562, Depreciation and Amortization. The Internal Revenue Service is providing similar relief.
A taxpayer qualifies as a farmer for the 2012 tax year if at least two-thirds of the taxpayer's gross income was from farming in either 2011 or 2012. For a married couple filing a joint return, gross income is the joint total gross income of both spouses.
Farmers who do not make the April 15 deadline will be subject to interest on underpayment of their estimated tax. The extension is for 2012 returns only.
Farmers who file their Wisconsin income tax returns and pay the amount of tax due by April 15 can request the waiver of underpayment interest by entering exception code 4 in the bracketed space on line 55 of Form 1 (line 83 of Form 1NPR). Farmers do not need to attach Schedule U, Underpayment of Estimated Tax by Individuals and Fiduciaries, to their Wisconsin income tax returns.
For more information, visit www.revenue.wi.gov/taxpro/news/130124.html.