IRS Publication 17 Updated for 2011
The IRS recently announced that it has posted a revised copy of its flagship income tax guide for individuals for use in preparing 2011 tax returns. While not an exhaustive guide to all tax matters, IRS Publication 17 covers the most common topics related to individual income taxation in plain language and with plenty of examples. It also gives taxpayers a brief rundown of what’s new for 2011.
At more than three hundred pages, it’s not exactly a quick read cover-to-cover, but its helpful table of contents and index make it a worthwhile resource for anyone with income tax questions or who is looking to save tax dollars. From the IRS website:
Publication 17 (PDF version), Your Federal Income Tax, features details on taking advantage of a wide range of tax-saving opportunities, such as the American opportunity credit for parents and college students, and the child tax credit and expanded earned income tax credit for low- and moderate-income workers. This useful 303-page guide also provides more than 5,000 interactive links to help taxpayers quickly get answers to their questions.
Publication 17 has been published annually by the IRS since the 1940s and has been available on the IRS web site since 1996. As in prior years, this publication is packed with basic tax-filing information and tips on what income to report and how to report it, figuring capital gains and losses, claiming dependents, choosing the standard deduction versus itemizing deductions and using IRAs to save for retirement.
If you have a quick question about an IRS individual income tax topic, we cannot recommend Publication 17 enough!
Access the PDF version of IRS Publication 17 via irs.gov
