2024 Standard Deduction Single Senior

2024 Standard Deduction Single Senior. Section 194p of the income tax act, 1961 provides. The standard deduction is a specific dollar amount that reduces the amount of income on which you're taxed.

For 2023, the standard deduction amount has been increased for all filers. The internal revenue service (irs) adjusts tax brackets for inflation each year, and because inflation remains high, it’s possible you could fall into a lower bracket.