What Is Standard Tax Deduction For 2024 Taxes. The standard deduction will increase by $750 for single filers and by $1,500 for joint filers (table 2). The 2017 tax cuts and jobs act was a major tax code overhaul that cut taxes for both individuals and businesses.
Federal tax brackets range from. The tax that people donโt realize is building up in iras and 401 (k)s.