2024 Standard Deduction For Seniors. 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. From hiking the standard deduction limit in the new tax regime to tweaking tax slabs to simplifying capital gains tax โ budget 2024 has changed a host of tax rules that.
Taxpayers will also see an increase on their standard deduction. People who are 65 or older can take an additional standard deduction of $1,950 for single and head of household filers and $1,550 for married filing jointly,.
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