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 Deduction 2023
Health Savings Account - HSAs have individual contribution limit $3,850 and family is $7,750 for 2023. 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
2023 Mileage Rates
Business Mileage - $0.655/mile
Medical Mileage - $0.22/mile
Charitable Mileage - $0.14/mile
2024 Business Rate: $0.67/mile
Tax Rate Schedule 2023 - Single
Taxable Income Base Tax Rate on Excess
$0-$11,000 $0 10%
$11,000-$44,725 $1,100 12%
$44,725-$95,375 $5,147 22%
$95,375-$182,100 $16,290 24%
$182,100-$231,250 $37,104 32%
Tax Rate Schedule 2023 - Married Filing Jointly
Taxable Income Base Tax Rate on Excess
$0-$22,000 $0 10%
$22,000-$89,450 $2,200 12%
$89,450-$190,750 $20,294 22%
$190,750-$364,200 $32,580 24%
$364,200-$462,500 $74,208 32%
Tax Rate Schedule 2023 - Head of Household
Taxable Income Base Tax Rate on Excess
$0-$15,700 $0 10%
$15,700-$59,850 $1,570 12%
$59,850-$95,350 $6,868 22%
$95,350-182,100 $14,678 24%
$182,100-231,250 $35,498 32%
Tax Rate Schedule 2023 - Married Filing Separately
Taxable Income Base Tax Rate on Excess
$0-$11,000 $0 10%
$11,000-$44,725 $1,100 12%
$44,725-$95,375 $5,147 22%
$95,375-$182,100 $16,290 24%
$182,100-$231,250 $37,104 32%