Irs Tax Deductions For 2024. Here are the standard deduction amounts for the 2023 tax returns that will be filed in 2024. The irs has released the standard deduction amounts for 2024, which increase the amounts that will be available on 2023 tax returns.

The income tax calculator estimates the refund or potential owed amount on a federal tax return. You pay tax as a percentage of your income in layers called tax brackets.