A little snow never hurt anybody. A lot of snow? That’s a whole other story.
The IRS has announced that farmers and fishermen may request a waiver of estimated tax penalties if they were affected by the snowstorms that began on February 19, 2007. The reason? The magnitude of the storms may have affected the ability of many farmers and fishermen to file their 2006 calendar year return by the due date of March 1, 2007.
You qualify as a farmer or fisherman for tax purposes if two-thirds of your total gross income for the taxable year or the preceding taxable year is from farming or fishing (including oyster farming).
To request the waiver, taxpayers should complete federal form 2210-F Underpayment of Estimated Tax by Farmers and Fisherman (available here) and file it together with your federal form 1040. Attach a statement to the form explaining why you are unable to meet the March 1 deadline and write “Request for Waiver Due to Winter Ice Storms” at top of the federal form 2210-F.
