2024 Standard Deductions And Tax Brackets . 2024 2025 capital gains tax. New 2024 income tax brackets and a higher standard deduction may mean tax cuts for many americans.
The internal revenue service (irs) adjusts tax brackets for inflation each year, and because inflation remains high, itโs possible you could fall into a lower bracket. So, that’s why your 2024 standard deduction is higher than it was for the 2023 tax year.
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