2024 Standard Tax Deduction Chart 2024. 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. This is due to tax rebate under section of 87a of the income tax act.

Income tax slabs relaxed from incomes up to rs 10 lakh. The irs released the 2024 standard deduction amounts for returns normally filed in april 2025.