Hilda Larissa

What Is The Standard Deduction For 2024 Irs. The standard deduction is a specific dollar amount that reduces the amount of income on which you're taxed. The standard deduction is a predetermined amount of income that isn't taxed by the federal government.

The internal revenue service (irs) adjusts tax brackets for inflation each year, and because inflation remains high, it’s possible you could fall into a lower bracket for the. The standard deduction, which reduces the amount of income you must pay taxes on, is claimed by a majority of taxpayers.