Automotive Market Update 2-15-24
We are off and running.
Economic Outlook: Source
We could be in for a nice tax season in automotive retail. According to the Bureau of Labor Statistics, the median worker experienced a 5.5% increase in earnings during 20231. However, this growth falls short of the 7.1% inflation adjustment implemented by the Internal Revenue Service (IRS) for various tax provisions last year.
The IRS annually adjusts more than 60 tax provisions, including tax rate schedules and other tax changes2. Here are some key highlights from the adjustments for tax year 2023…..