Standard Deduction Information
The 2023 standard deduction is $13,850 for single filers, $27,700 for joint filers, and $20,800 for heads of household. The 2024 standard deduction amounts have increased by approximately 5.4% compared to 2023.
Tax Brackets and Rates Overview
2023–2024 Tax Brackets and Rates determine taxes owed based on income. Brackets adjusted annually for inflation. With high inflation, it’s possible to fall into a lower bracket for 2024 income. Tips on estimating taxes based on top bracket.
Tax Calculator and Filing Tips
- Calculate potential tax liability or refund with our free tax calculator.
- Changes in job, filing status, dependency, income, credits, or deductions can lead to owing taxes instead of a refund.
- File extension by October 15, 2024, and estimate tax owed. Adjust W4 to fix withholding issues going forward.
Additional Information
- Understanding tax bracket and rate essential regardless of income level.
- Tax withholding deducts estimated income tax liability from paychecks. Refunds result from overestimation. Seek assistance to understand obligations.