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Paying taxes quarterly
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Blusteryknollfarm
Posted 3/17/2024 20:28 (#10669162 - in reply to #10669121)
Subject: RE: Paying taxes quarterly


North Central Illinois
blden - 3/17/2024 20:06

30% of income was wife. 50% of income was farm. 20% income tiling. Or are least profit wise in 2023
as long as your farm income was greater than 50% you should be ok without penalty if you file and pay by March 1 at least for federal. At some point a number of years ago Illinois used a 2/3rds threshold but I think they may have changed that recently. It has been a long time since more than 1/3 of my income came from non farm sources.
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