2024 Tax Tables And Standard Deductions. 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 for the income you earn in 2024. The tax brackets, standard deduction, and the capital gains tax cutoff point for single and married filing jointly filing statuses will go up in 2025.

These are not the tax rates and other numbers for 2023 (you’ll find the official. Each year when you fill out your federal income tax return, you can either take the standard deduction or itemize deductions to reduce your taxable income.