Standard Tax Deduction 2024 . If you earned $75,000 in 2023 and file as a single taxpayer, taking the standard deduction of $13,850 will reduce your taxable income to $61,150. The standard deduction is a specific dollar amount that reduces the amount of income on which you're taxed.
The irs on thursday announced higher federal income tax brackets and standard deductions for 2024. Finance minister nirmala sitharaman said that new tax regime slabs will be changed and standard tax deduction increased from 50,000 to 75,000.
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