What Is The Standard Deduction For 2024 Irs

What Is The Standard Deduction For 2024 Irs. The standard deduction is a major way most americans reduce their taxable income each year — and with inflation’s burn, the deduction’s amount will jump higher in 2024. The finance minister proposed to increase the standard deduction for salaried.

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. For 2024 (tax returns typically filed in april 2025), the standard deduction amounts are $14,600 for single and for those who are married, filing separately;