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west texas | I've recently switched tax accountants and the new guy is telling me that I need to be paying quarterly estimates. I instantly questioned him why as a farmer would I be paying quarterly taxes and he stated that since I am an S-corp I am no longer classified as a farmer but as an employee of a farm. Have asked neighbors, with slight differences in business structure, and so far none have said they paid quarterly. If it makes any difference, we do pay ourselves a salary at the end of the year and the farm is our only source of income. Is this correct or do we need to be shopping for a new (new) accountant? | |
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S corporation and quarterly estimates
