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What Is The Standard Deduction For 2024 Taxes
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What Is The Standard Deduction For 2024 Taxes. 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. $13,850 for single or married filing separately.
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. Under the project 2025 proposal, you could pay more or less in federal income taxes, depending on your current bracket, according to howard gleckman,.
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