This article has been updated for the 2023 and 2024 tax years. The IRS has released its 2024 standard deduction amounts. Each year, the IRS adjusts standard deduction amounts for inflation (similar to its tax rate brackets, maximum 401K and maximum IRA contribution levels, etc.). With recent inflation levels, there are some noteworthy inflation adjustment increases over the 2023 standard deductions for taxpayers. Most readers are still primarily focused on 2023 tax returns, so we’ll detail both the 2023 standard deduction and 2024 standard deduction amounts in this article. What is a Standard Deduction? The standard deduction can lower a
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