Irs 2024 Standard Deduction For Seniors. Learn how to calculate your standard deduction for tax year 2023, which reduces the amount of income on which you're taxed. The irs expects more than 146 million individual tax returns for 2023 to be filed this filing season, which has a deadline of april 15, 2024.
90% of people use the standard deduction to lower their taxable income, irs stats say. Find out how to calculate your taxable income and when to itemize.