2024 Standard Tax Deduction. 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. Income tax slabs relaxed from incomes up to rs 10 lakh.


2024 Standard Tax 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. The $10,000 cap on the state and local tax deduction is eliminated.

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