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.
Many of the provisions in the Tax Code are adjusted each year based upon the inflation for the fiscal year ended August 31. This inflation adjustment number has been issued and the new estimated numbers for 2014 are as follows (the IRS will issue final numbers a little later on, however, they should agree or the differences will be very minor):
There are many other provisions that will change, but I wanted to highlight the provisions most applicable to farmers.
We will keep you updated if the final numbers are materially different.
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