IRS Issues Inflation Adjusted Amounts
The IRS on Thursday November 9, 2023 issued Revenue Procedure 2023-34 updating all inflation adjusted tax amounts. This year's inflation was 5.4%.
The IRS issued Revenue Procedure 2023-34 on Thursday November 9, 2023.
This is the annual update to most items that are inflation adjusted in the Internal Revenue Code, however, some other items such as 401(k) deferrals were released earlier.
This year’s inflation was 5.4% which is lower than last year’s 7.1% increase but still the second highest in at least 15 years.
Let’s review some of the key numbers for farmers:
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