Standard Deduction For 2024 Taxes For Seniors

Standard Deduction For 2024 Taxes For Seniors. Trump has also called for other costly tax cuts on the campaign trail, including cutting the corporate tax rate to 15 percent, exempting tips from taxes and not taxing social security. Adults 65 and older and those who are legally blind are eligible for an additional standard deduction in 2023 and 2024.

Federal income tax rates and brackets. You can claim a standard deduction to reduce your taxable income as well as an additional deduction if you are age 65 or older and/or blind.