024 Standard Deduction Amount

024 Standard Deduction Amount. New 2024 income tax brackets and a higher standard deduction may mean tax cuts for many americans. The standard deduction amounts will increase to $14,600 for individuals and married couples filing separately, representing an increase of $750 from 2023.

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. It’s the simplest way to reduce your taxable income on your tax return.