Standard Deduction 2024 Irs. The standard deduction, which reduces the amount of income you must pay taxes on, is claimed by a majority of taxpayers. As your income goes up, the tax rate on the next layer of income.
As your income goes up, the tax rate on the next layer of income. The internal revenue service (irs) adjusts tax brackets for inflation each year, and because inflation remains high, itโs possible you could fall into a lower bracket for the income you earn in 2024.
