Standard Deduction For 2024 Tax Year

Standard Deduction For 2024 Tax Year. The standard tax deduction is a set amount that taxpayers are automatically allowed to deduct from their taxable income, thus lowering their total tax owed. This filing status is available to unmarried.

The standard deduction amounts for 2024 have increased to $14,600 for single filers, $29,200 for joint filers and $21,900 for heads of household. He noted to huffpost that the cap on salt helped to pay for the bulk of the law, including “lower [tax] rates, doubling the child tax credit, and doubling the standard.