Standard Deduction 2024 Tax Year. The internal revenue service (irs) adjusts tax brackets for inflation each year, and because inflation remains high, itโs possible you could fall into a lower bracket. The standard deduction rose in 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 federal income tax has seven tax rates in 2024:
