What Is Standard Tax Deduction For 2024. — a deduction reduces the amount of a taxpayer's income that's subject to tax, generally reducing the amount of tax the individual may have to pay. — the standard deduction in 2024 is $14,600 for individuals, $29,200 for joint filers, and $21,900 for heads of households.
— the standard deduction will rise to $14,600 for single taxpayers, a $750 increase, the agency announced thursday. Here are the standard deduction amounts set by the irs:
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