2024 Standard Tax Deduction Amount Synonym . Near the end of each year, the irs issues a revenue. For single taxpayers and married individuals filing separately, the standard deduction rises to $14,600 for 2024, an increase of $750 from 2023;
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. The standard deduction for 2024 varies depending on filing status.
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