If you have income from your farming or fishing business, you may be able to avoid making any estimated tax payments by filing your return and paying your entire tax due on or before March 1 of the year your return is due. This rule generally applies if farming or fishing income was at least two-thirds of your total gross income in either the current or the preceding tax year. If March 1 falls on a weekend or legal holiday, you have until the next business day to file your return and pay the tax. If you choose not to file by March 1, you can make a single estimated tax payment by January 15 or the next business day if January 15 falls on a weekend or legal holiday, to avoid an estimated tax penalty. If these special rules don't apply, you may have to make quarterly estimated tax payments. For more information on estimated tax (including rules for fiscal year farmers and fishermen), refer to Publication 505, Tax Withholding and Estimated Tax. Farming - Report income and expenses from farming on Schedule F (Form 1040), Profit or Loss From Farming. Additionally, use Schedule SE (Form 1040), Self-Employment Tax to figure self-employment tax if your net earnings from farming are $400 or more. For more information, refer to Topic No. 554, Publication 225, Farmer's Tax Guide and Agriculture Tax Center. Fishing - Report income and expenses from fishing on Schedule C (Form 1040), Profit or Loss From Business (Sole Proprietorship). Use Schedule SE (Form 1040) to figure self-employment tax if your net earnings from fishing are $400 or more. For general information about the rules applying to individuals, including commercial fishermen who file Schedule C, refer to Publication 334, Tax Guide for Small Business. If your trade or business is a partnership or corporation, see Publication 541, Partnerships or Publication 542, Corporations.