2024 Standard Deduction. Here are the standard deduction amounts set by the irs: The standard tax deduction is a set amount that taxpayers are automatically allowed to deduct from their taxable income, thus lowering their total tax owed.

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. These are not the tax rates and other numbers for 2023 (you’ll find the official.