Standard Deduction 2024 Tax Year

Standard Deduction 2024 Tax Year. The internal revenue service (irs) adjusts tax brackets for inflation each year, and because inflation remains high, itโ€™s possible you could fall into a lower bracket. The standard deduction rose in 2024.


Standard Deduction 2024 Tax Year

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:

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