2024 Tax Rates And Standard Deduction. $14,600 for single individuals and married individuals filing. Each year, the irs adjusts the standard deduction, tax brackets, and other tax breaks to compensate for inflation.
The tax brackets, standard deduction, and the capital gains tax cutoff point for single and married filing jointly filing statuses will go up in 2025. For 2024, the irs has adjusted the standard deduction to account for inflation, allowing taxpayers to reduce their taxable income.