Standard Tax Deduction 2024
The standard deduction is a flat dollar amount set by the irs based on your filing status. For the 2024 tax year, the standard deduction will increase by $750 for single filers and those married filing separately, $1,500 for married filing jointly, and $1,100 for.
Most taxpayers now qualify for the standard deduction, but there are some important details involving itemized deductions that people should keep in mind. This simplified new regime introduced in 2020, comes without exemptions and deductions for corporate tax and personal income tax.