Standard Deduction For 2024 Income Tax. Taxpayers who are 65 and older, or are blind, are eligible for an. 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.


Standard Deduction For 2024 Income Tax

Your standard deduction โ€” the amount you can use as a deduction on your 1040 tax return without itemizing โ€” will also be higher. The standard deduction will rise to $14,600 for single taxpayers, a $750 increase, the agency announced thursday.

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