Standard Deduction For 2024 Single. This is your income, minus certain tax deductions, like retirement contribution deductions, half.  — new 2024 income tax brackets and a higher standard deduction may mean tax cuts for many americans.

If you’re filing as single or married filing separately, you can deduct $13,850 for tax year 2023 (and $14,600 for tax year. If you earned $75,000 in 2023 and file as a single taxpayer, taking the standard deduction of $13,850 will reduce your taxable income to $61,150.