Standard Deduction For 2024 Income Tax

Standard Deduction For 2024 Income Tax. The internal revenue service (irs) adjusts tax brackets for inflation each year, and because inflation remains high, it’s possible you could fall into a lower bracket. It’s the simplest way to reduce your taxable income on your tax return.

You pay tax as a percentage of your income in layers called tax brackets. If you’re filing as single or married filing separately, you can deduct $13,850 for tax year 2023 (and $14,600 for.