2024 Standard Tax Deduction Amount Per Person. You pay tax as a percentage of your income in layers called tax brackets. The irs released the 2024 standard deduction amounts for returns normally filed in april 2025.
With our tax system, your income is reduced by your deductions. A house panel has passed a bill that would temporarily expand the standard tax deduction used by the majority of taxpayers by $2,000 per person for the next two.
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