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Section 179 limits are now locked-in by the Protecting Americans from Tax Hikes Act of 2015 which allows businesses to write-off up to $500,000 of qualified equipment each year.
If you elect to expense section 179 property, you must reduce the amount on which you figure your depreciation or amortization deduction (including any special depreciation allowance) by the section 179 expense deduction.
You may elect to deduct all or part of the cost of certain qualifying property in the year you place the asset in service as opposed to recovering the cost over the assets useful life(depreciation). This choice is called a Section 179 Election.
Any disallowed amount in the current year may be carried over to future years.
The 179 deduction is reportable on IRS Form 4562. You can elect to expense part or all (up to $500,000) of the cost of section 179 property that you placed in service during the tax year and used predominantly (more than 50%) in your trade or business.

Beginning on January 1, 2014, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 56 cents per mile for business miles driven, 23.5 cents per mile driven for medical or moving purposes, 14 cents per mile driven in service of charitable organizations.
The business, medical, and moving expense rates decrease one-half cent from the 2013 rates. The charitable rate is based on statute.
Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.
A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle. .

There is a phase-out of itemized deductions for taxpayers with AGI above $259,400 (individual filers), $311,300 (MFJ) and $285,350 for head of households.
The total reduction can not be more than 80% of the gross itemized deductions.

The foreign earned income deduction rises to $99,200, an increase of $1,600 from the maximum deduction for tax year 2013 of $97,600.

For 2016 the Federal exemption from estate taxes is $5,450,000.

You can contribute up to $5,500 ($6,500 if you are 50 or older) provided you have at least $5,500 / 6,500 of wages, salary or net self-employment earnings in 2014 and in the case of a traditional IRA (deductible IRA) , you have not reached age 70 1/2 by the end of the year.

The limit on employee elective deferrals is $18,000 for 2016. The catch up contribution limit for employees 50 and over remains unchanged at $6,000.
Generally, all elective deferrals made to all plans in which you participate are aggregated to determine if you have exceeded these limits.

The AMT Exemption amounts for 2014 is $53,900 for single and head of household taxpayers and $83,800 for joint filers and qualifying widow(er) taxpayers

The annual exclusion for gifts remains at $14,000 for 2014.

Beginning on January 1, 2014, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 56 cents per mile for business miles driven 23.5 cents per mile driven for medical or moving purposes 14 cents per mile driven in service of charitable organizations