What Is The Standard Deduction For 2024 Joint . 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. How much is the standard deduction for 2024?
The standard deduction will increase by $750 for single filers and by $1,500 for joint filers (table 2). You’ll have to earn even more money to go up a tax bracket in 2025.
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