2024 Irs Tax Brackets And Standard Deduction

2024 Irs Tax Brackets And Standard Deduction. Plus, there's good news for savers: 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.


2024 Irs Tax Brackets And Standard Deduction

The new tax regime, introduced in the budget 2020, aims to simplify the tax structure by offering lower tax rates while eliminating most deductions and exemptions. In 2024, the standard deduction is $14,600 for single filers or $29,200 for married couples filing jointly.

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