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Podcast: MID-WEST FARM REPORT - MADISON
Episode: Income Tax Updates Offer Relief & Reminders
Description: Farmers can expect some continuity and a few key benefits when it comes to their federal income taxes this year. One of the most notable updates is that income tax brackets and standard deductions will stay largely the same, thanks to a budget extension passed by Congress, explains Extension Farm Management Specialist Kelly Wilfert. The rates, originally adjusted in 2018, were set to sunset in 2026. Without this extension, taxpayers would have seen standard deductions drop and tax brackets shift upward. "We'll still see those standard adjustments for inflation, but in general, it's not going to be...