Standard Deduction For 2024 Tax Year
Standard Deduction For 2024 Tax Year . The irs has released the standard deduction amounts for 2024, which increase the amounts that will be available on 2023 tax returns. Many of the provisions in the tcja are scheduled to expire after 2025, including the lower marginal tax rates, increased standard deduction, and higher gift and estate tax exemption.
Section 63 (c) (2) of the code provides the standard deduction for use in filing individual income tax returns. The standard deduction rose in 2024.
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