There’s an annual publication that helps taxpayers with helpful tips and little known tax benefits for preparing their 2016 taxes. Many people don’t even know of its existence, yet those same people have been using many of the tips explained therein on their tax returns year after year. The IRS has released Publication 17 for decades, and it contains excellent advice for everyone ready to file their taxes.
What is Publication 17?
What does it entail? Publication 17 (officially called “Your Federal Income Tax”) has many tips for a variety of tax saving opportunities for you. The Earned Income Credit and American Opportunity Tax Credit are also explained in detail. It’s always good to know exactly what you’re getting if you decide to claim a certain credit.
It doesn’t stop there. Publication 17 also has a comprehensive rundown on tax changes for this year. This includes info on ITIN renewal, new tax rates and benefits changes for certain tax payers. The guide also provides a large volume of links and FAQs to help you as much as possible this tax season. Helpful advise such as what income you should be reporting, what credits are available to you, even complex products such as capital gains, estate taxes, and dependent claiming are also explained in a clear manner that anyone can understand.
All of this is available for free on the IRS Website, and has been since 1996. Before you make your way to your local One Stop Tax, make sure to give this publication a look. Our tax professionals are doing the same to constantly stay up to date on all new tax laws and changes. Why do we do this? To make sure you get the maximum amount on your returns.
Tags: Publication 17, tax laws, tax tips Posted by