Standard Deduction 2024 For Seniors. 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. Increase the property tax deduction, renters tax deduction and amount of exemptions on state income taxes.
Income tax deduction on interest on bank deposits. Understanding the income tax slab rates and available deductions can significantly affect tax planning and overall financial health.