2024 Standard Deductions And Tax Brackets Irs

2024 Standard Deductions And Tax Brackets Irs. $13,850 for 2023 and $14,600. A deduction reduces the amount of a taxpayer's income that's subject to tax, generally reducing the amount of tax the individual may have to pay.

A deduction reduces the amount of a taxpayer’s income that’s subject to tax, generally reducing the amount of tax the individual may have to pay. For individuals, the new maximum will be $14,600 for 2024, up from $13,850, the irs said.