The IRS has released the 2024 standard deduction amounts that you'll use for your 2025 tax return. Knowing the standard deduction amount for your filing status can help you determine whether you should take the standard deduction or itemize your deductions.
The IRS adjusts these amounts for each filing status every year. And since these adjustments are based on inflation, standard deduction amounts are higher for 2024 than they were last year.
