Standard Deduction For 2024 Tax Return. 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. 50,000 standard deduction in the new tax regime?

You must determine your filing status before you can determine whether you must file a tax return, your standard deduction (discussed later), and your tax. A deduction reduces the amount of a taxpayer’s income that’s subject to tax, generally reducing the amount of tax the individual may have to pay.