2024 Standard Deductions And Tax Brackets. You pay tax as a percentage of your income in layers called tax brackets. The 2024 tax year standard deductions will increase to $29,200 for married couples filing jointly, up $1,500 from $27,700 for the 2023 tax year.

Make new tax regime the default tax regime for the. The internal revenue service (irs) adjusts tax brackets for inflation each year, and because inflation remains high, it’s possible you could fall into a lower bracket.