What Is The Standard Deduction For 2024 Taxes. Taxes aren’t usually the sexy topic on the ballot ticket, but in this year’s presidential election they’re set to be particularly significant. 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.
Here’s how it works and what it is in 2024 and 2025. The standard deduction in 2024 is $14,600 for individuals, $29,200 for joint filers, and $21,900 for heads of households.
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