What are some tax “things” I should know about for the individual?

Several common tax “things” to be aware of include:

  • The FICA wage base for 2014 is $117,000
  • The standard deduction amount for 2014 is:
    • $12,400 – married filing joint
    • $9,100 – head of household
    • $6,200 – single
    • The personal exemption for each dependent in 2014 is $3,950. These are subject to phase out provisions.
    • The business mileage rate for 2014 is 56 cents a mile
    • Per diem reimbursement for travel is found on the GSA.gov website and is now based on zip codes. In 2014, the per diem rates for 2014 for Fargo is $83 a day for lodging and $46 for meals and incidentals. For Minneapolis it is $133 a day for lodging and $71 a day for meals.