Standard Deduction 2024 Irs Website

Standard Deduction 2024 Irs Website. 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. 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 the 2023 tax year, which is filed in early 2024, the federal standard deduction for single filers and married folks filing separately was $14,600. Learn how it affects your taxable income and any limits on claiming it.