IRS Publication 17 is an important document for all taxpayers to read. It contains all the information that is necessary to file a federal income tax return. However, not all of it is very easy to understand, and this article covers what's important to know about Pub 17, what to do, and what to avoid.
If you are an individual in the United States looking for some nifty tax tips and tricks, you may want to check out IRS Pub 17. It is a good reference for anyone filing a federal income tax return. This particular publication is also helpful for corporate tax accountants and public library reference centers. Basically, this publication is a compilation of the most important tax tidbits useful for the average American taxpayer.
The information contained in IRS Publication 17 includes new schedules, a glossary of tax terms, and an example of a tax law application.
You can find Pub 17 online or via mail. In addition, it is available in a variety of languages, including English, Vietnamese, Korean and Chinese. Most importantly, this book enables you to prepare your tax returns more efficiently and with greater accuracy. And as a bonus, it is available in PDF format so you can download it to your desktop. Getting a copy of this publication should be a no-brainer, as it is a worthwhile investment.
Obviously, it is not possible to cover everything that is important for a taxpayer to know, but this publication does at least cover the basics. You can learn about the new IRS ABLE Act, how the standard deduction works, what to expect on a Form 1040, and more. Plus, the publication contains a handy flowchart and a number of examples of how to apply the law.
What to Know About Pub 17?
While the IRS is continually updating its publications to keep up with changing tax laws, some of the publications remain the same for years. As a result, you should always check to see if your current version is up-to-date. Contact the IRS for assistance if you have any questions about how to use the information in these publications.
IRS Publication 17 is a handy resource that provides basic information about taxes and the process of filing. It is organized into 4 parts and includes links to various forms:
- Part One. The Income Tax Return
- Part Two. Income and Adjustments to Income
- Part Three. Standard Deduction, Itemized Deductions, and Other Deductions
- Part Four. Figuring Your Taxes, and Refundable and Nonrefundable Credits
The rest of the IRS Pub 17 pages includes sections like:
- Current Tax Table
- Tax Computation Worksheet
- Tax Rate Schedules
- Your Rights as a Taxpayer
- How To Get Tax Help
- Publication Index