2024 Standard Deductions And Tax Brackets. In 2025, the deduction will increase almost 3% to $15,000 for single. Each year when you fill out your federal income tax return, you can either take the standard deduction or itemize deductions to reduce your taxable income.

Calculate your personal tax rate based on your adjusted gross income. Irs announces 2024 tax brackets, standard deductions and other inflation adjustments;