Standard Deduction For 2024 Head Of Household Tax. And to help new small businesses get started in my “new opportunity economy,” i have proposed expanding the standard tax deduction from $5,000 to. When the 2017 tax cuts and jobs act nearly doubled the standard deduction in 2018, many taxpayers stopped itemizing on their.

Here are the standard deduction amounts set by the irs: This is your income, minus certain tax deductions, like retirement contribution.