Standard Deduction For 2024 Tax Year
Standard Deduction For 2024 Tax Year. Near the end of each year, the irs issues a. $14,600 for married couples filing.
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 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.