Standard Deduction
2023 2024
Single $13,850 $14,600
Single, 65 or Older $15,000 $16,550
Married Filing Jointly $27,700 $29,200
Married Filing Separately$13,850 $14,600
Head of Household $20,800 $21,900
Itemized Deductions 2024
Health Savings Account - HSAs have individual contribution limit of $4,150 and family is $8,300 for 2024. Those 55 and older can contribute an additional $1K as a catch-up.
State and Local Taxes - deduct up to $5,000 per person, $10,000 if married filing separately.
Casualty Losses - allowed when federal disaster has been declared
2024 Mileage Rates
Business Mileage - $0.67/mile
Medical Mileage - $0.21/mile
Charitable Mileage - $0.14/mile
Tax Rate Schedule 2024 - Single
Taxable Income Base Tax Rate on Excess
$0-$11,600 $0 10%
$11,601-$47,150 $1,160 12%
$47,151-$100,525 $5,426 22%
$100,526-$191,950 $17,168.50 24%
$191,951-$243,72 $39,110.50 32%
Tax Rate Schedule 2024 - Married Filing Jointly
Taxable Income Base Tax Rate on Excess
$0-$23,200 $0 10%
$23,201-$94,300 $2,320 12%
$94,301-201,050 $10,852 22%
$201,051-$383,900 $34,447 24%
$383,901-$487,450 $78,221 32%
Tax Rate Schedule 2024 - Head of Household
Taxable Income Base Tax Rate on Excess
$0-$16,550 $0 10%
$16,551-$63,100 $1,655 12%
$63,101-$100,500 $7,241 22%
$100,501-191,950 $15,469 24%
$191,951-243,700 $37,417 32%
Tax Rate Schedule 2024 - Married Filing Separately
Taxable Income Base Tax Rate on Excess
$0-$11,600 $0 10%
$11,601-$47,150 $1,160 12%
$47,151-$100,525 $5,426 22%
$100,525-$191,950 $17,168.50 24%
$191,951-$243,725 $39,110.50 32%