Income Tax 2024 Standard Deduction. 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. And is based on the tax brackets of.
Each year when you fill out your federal income tax return, you can either take the standard deduction or itemize deductions to reduce your taxable income. The standard deduction for tax year 2024 is $14,600 for singles, $29,200 for joint filers and $21,900 for heads of household.