Quick Tips for 2015

1.    The standard deduction rises to $6,300 for singles and married persons filing separate returns and $12,600 for married couples filing jointly. The standard deduction for heads of household rises to $9,250.

2.    The limitation for claiming itemized deductions on 2015 individual returns begins with incomes of $258,250 or more ($309,900 for married filing jointly; $284,050 for heads of household; and $154,950 for married filing separately).

3.    The personal exemption for tax year 2015 rises to $4,000, up from $3,950 for tax year 2014.

4.    The annual exclusion for gifts remains at $14,000 for 2015.

5.    The standard mileage rate for business purposes is 57.5¢ per mile (24¢ for depreciation).

6.    The standard mileage rate for medical and moving purposes is 23¢ per mile.

7.    The standard mileage rate for charitable purposes is 14¢ per mile.