The FICA-related wage base is expected to increase in 2014, although there will be no tax increase. This increase to $115,500 reflects a simple $1,800 increase in the wage base, or maximum taxable Social Security income. Exemptions and Deductions The tax code is designed to accommodate fluctuations in the cost of living. Although many Americans are very wary of rising prices, this type of change could actually help taxpayers save money. The changes ensure that filers end up in the appropriate tax bracket, but they even affect tax breaks such as exemptions as well as standard reductions. For 2014, these types of adjustments could save middle-income married couples $200. Single filers will also notice financial savings. Personal exemptions are going to be aligned with inflation, as well as limitations on IRA contributions, education and training credits. Some taxpayers could very well continue to benefit from the detail of their deductions; anyone considering doing this should talk about the choices and situations with a tax allowed