Standard Tax Deduction 2024 Single. For 2024, that extra standard deduction is $1,950 if you are single or file as head of household. The irs sets the standard deduction amount each year.

Notably, in his 2024 campaign, trump has pushed for the idea of reducing corporate tax rates even further, from 21% to 15%. If you are 65 or older or blind, you can claim an additional standard deduction.