Taxpayers can get the most out of various tax benefits and get useful tips
on preparing their 2016 federal income tax returns by consulting a free,
comprehensive tax guide available on IRS.gov.
Publication
17, Your Federal Income Tax, features details on taking advantage of a wide
range of tax-saving opportunities. This includes tax credits such as the
American Opportunity Tax Credit for parents and college students, the
Additional Child Tax Credit and Earned Income Tax Credit for low- and
moderate-income workers.
Publication 17 also features a rundown on tax changes for 2016. These
changes include one-on-one service at local IRS offices by appointment,
Individual Taxpayer Identification Number (ITIN) renewal, revised tax rates and
limits on various tax benefits for some taxpayers. This 293-page guide also
provides thousands of interactive links to help taxpayers quickly get answers
to their questions.
The IRS has published Publication 17 annually since the 1940s. It 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.
Besides Publication 17, IRS.gov offers many other helpful resources for
taxpayers. Tax Year 2016 and prior year tax forms
and publications are available on IRS.gov. Taxpayers can also download
Publication 17 and other tax publications on mobile devices as an eBook at no
charge. Visit https://www.irs.gov/forms-pubs/ebooks
for a listing of all eBook publications.
This is the fourth in a series of 10 tips called the Tax
Time Guide. The tips are designed to help taxpayers navigate common tax
issues as this year’s April 18 filing deadline approaches.
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