Tax Brackets 2024 Standard Deduction. 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. Tax rates report, giving you an early look at what brackets and other key tax figures will look like in 2024.
10% for single filers with. The standard deduction will go up to $15,000 for 2025 tax returns — up $400 from 2024 — for single taxpayers and married individuals filing separately.