Irs 2024 Standard Deductions And Tax Brackets. 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. Heads of households will see their standard deduction jump to $21,900 in.
9, 2023, the irs announced the annual inflation adjustments for the 2024 tax year. Each year, the irs adjusts the standard deduction, tax brackets, and other tax breaks to compensate for inflation.