Standard Deduction For 2024 Taxes

Standard Deduction For 2024 Taxes.  — finance minister has announced a hike in the standard deduction amount in new tax regime hiked to rs 75000 in budget 2024. Federal tax brackets range from 10% to 37%.

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.  — your standard deduction — the amount you can use as a deduction on your 1040 tax return without itemizing — will also be higher.