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. Bloomberg tax has released its annual projected u.s.


Standard Deduction For 2024 Tax Year

For 2024 (tax returns typically filed in april 2025), the standard deduction amounts are $14,600 for single and for those who are married, filing separately; The standard deduction rose in 2024.

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