2024 Standard Tax Deduction Amount 2024. Under the latest adjustment, the standard deduction will climb to $14,600 for individuals in 2024, up from $13,850. The internal revenue service (irs) adjusts tax brackets for inflation each year, and because inflation remains high, itโs possible you could fall into a lower bracket.
If you earned $75,000 in 2023 and file as a single taxpayer, taking the standard deduction of $13,850 will reduce your taxable income to $61,150. Under the latest adjustment, the standard deduction will climb to $14,600 for individuals in 2024, up from $13,850.
2024 Standard Tax Deduction Amount 2024 Images References :