2024 Standard Deduction Married . For the tax year 2024, married couples who choose to file separately may be eligible for a standard deduction of $14,600 for each spouse. Have worked and earned income under $63,398.
The business owner — assuming he or she is married — can then take the $14,600 standard deduction, reducing their taxable income to $69,400. To qualify for the eitc, you must:
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