What Is The Standard Federal Deduction For 2024. The amount of the standard deduction is adjusted every year to account for inflation. 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.
$14,600 for married couples filing. There are extra standard deduction amounts if you or your spouse is blind and if you are 65 or older.
There Are Extra Standard Deduction Amounts If You Or Your Spouse Is Blind And If You Are 65 Or Older.
If you start now, you can make plans to reduce your 2024 tax bill.
However, The Amount Of This Extra Deduction Can Vary Based On Factors Like Filing Status And Whether You Or Your Spouse Are 65 Or Older.
$14,600 for married couples filing.
Extra Standard Deduction 65 Or Older And Blind.
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If You Start Now, You Can Make Plans To Reduce Your 2024 Tax Bill.
Here are the standard deduction amounts set by the irs:
In 2024, The Income Limits For All Tax Brackets And All Filers Will Be Adjusted For Inflation And Will Be As Follows (Table 1).