Tax Year 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. Tax rates report, giving you an early look at what brackets and other key tax figures will look like in 2024.
If you earned $75,000 in 2023 and file as a single taxpayer, taking the standard deduction of $13,850 will reduce your taxable income to $61,150. A senior can earn up.