Standard Deductions 2024 Tax. Deductions under section 80c, 80d, and 80e help reduce the taxable income. Each year when you fill out your federal income tax return, you can either take the standard deduction or itemize deductions to reduce your taxable income.

Learn about the options available to taxpayers and make. A deduction reduces the amount of a taxpayer’s income that’s subject to tax, generally reducing the amount of tax the individual may have to pay.