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 a major change from what we experienced last year, although certainly it's a pretty significant change from what we would have seen next year had that change not been made," Wilfert says.

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 a major change from what we experienced last year, although certainly it's a pretty significant change from what we would have seen next year had that change not been made," Wilfert says.

Join Pam Jahnke for the latest farm news. Heard daily on WOZN 96.7 FM and 1670 AM in Madison Wisconsin from 5-6am. Also heard on affiliate stations all over Wisconsin.

Join Pam Jahnke for the latest farm news. Heard daily on WOZN 96.7 FM and 1670 AM in Madison Wisconsin from 5-6am. Also heard on affiliate stations all over Wisconsin.

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