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Top and Current
Source : (remove) : AgWeb
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How Your Income Taxes Will Change This Year

Income tax law will change this year, and it will be dramatic. Though the crystal ball right now is fairly cloudy as to the final provisions, the changes will likely be beneficial for most farmers.

The article from AgWeb discusses several changes to income taxes for the year 2023 that could affect farmers and other taxpayers. Key points include adjustments to tax brackets due to inflation, with the standard deduction also increasing. There are modifications to the Child Tax Credit, which has reverted to pre-2021 levels, affecting the amount families can claim. The article also mentions the end of certain temporary tax benefits like the expanded Earned Income Tax Credit for individuals without children. Additionally, there are changes in tax rates for capital gains, potential impacts from the Secure Act 2.0 on retirement accounts, and new rules for reporting income from online platforms like Venmo or PayPal. Furthermore, there's a discussion on the potential implications of the Build Back Better Act, although its passage was uncertain at the time of writing. The article advises taxpayers, especially those in agriculture, to consult with tax professionals to navigate these changes effectively.

Read the Full AgWeb Article at:
https://www.agweb.com/news/business/taxes-and-finance/how-your-income-taxes-will-change-year


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