Find out more about federal personal tax exemptions for 2014 in Publication 17 of the Internal Revenue Service, which is posted at the IRS website. This publication lists the two types of personal exemptions allowed, for yourself and your spouse, and delineates the conditions under which you may claim them.
The exemption for yourself can only be taken if another taxpayer does not take you as an exemption on his tax return, explains the IRS. Also, if another taxpayer can legally claim you as a dependent, even if that taxpayer does not do so, you are not allowed to claim yourself as a personal exemption. If you are married and filing jointly, you may claim your spouse as a personal exemption. If you are married and filing separately, you may only claim your spouse as an exemption if your spouse had no gross income, does not file a return for the same tax year and cannot be claimed as a dependent by another taxpayer.
Publication 17 also lists any changes in the amount that each exemption is worth compared to the previous year, as listed by the IRS. In 2014, you can deduct $3,950 from your gross income for each exemption, up from $3,900 in 2013. The publication also lists the adjusted income threshold at which you begin to lose part of your exemption amount. For 2014, as in other years, these thresholds vary depending on your filing status.