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.