2024 Standard Deduction. Seniors over age 65 may claim an additional standard deduction of $1,950 for single filers and $1,550 for. For 2024, the standard deduction amount has been increased for all filers, and the amounts are as follows.

And for heads of households, the standard deduction will be $21,900 for tax year 2024, an increase of. The tax package also lowered the corporate income tax rate from 35% to 21%, doubled the standard deduction and added a new credit for employers that offer.