The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
Paul is now part of the fourth generation in America that is involved in farming and hopes the next generation will be involved also. Through his blog he provides analysis and insight to farmer tax questions.
The IRS just released Revenue Procedure 2013-35 last week updating all of the income tax items that are affected by inflation. Each year right after September 30 the IRS will release these items updated to reflect the annual inflation rate for the year ended September 30. The government is on a fiscal year that ends on that date, so inflation is based on that period, not the calendar year.
The release is 22 pages long and this post will highlight the major changes pertinent to farmers:
All of these inflation amounts are applicable with 2014 returns and/or dates beginning January 1, 2014.
No comments have been posted to this Blog Post