Standard Deduction For 2024 Tax Year 2024. — stay updated on the standard deduction amounts for 2024, how it works and when to claim it. Of course, taxpayers should still compare their overall tax advantages before deciding whether to use the standard deduction or itemize their taxes when filing.
— stay updated on the standard deduction amounts for 2024, how it works and when to claim it. — the internal revenue service (irs) adjusts tax brackets for inflation each year, and because inflation remains high, it’s possible you could fall into a lower bracket for the income you earn in 2024.