IRS Updates Tax Guide for Next Tax Season

The Internal Revenue Service has published a revised tax guide to help taxpayers get the most out of various tax breaks.

Publication 17, “Your Federal Income Tax,” includes details on taking advantage of a wide array of tax benefits, such as the American Opportunity Credit for parents and college students, and the Child Tax Credit and the expanded Earned Income Tax Credit for low- and moderate-income workers. The 303-page downloadable guide offers more than 5,000 interactive links to help taxpayers get answers to their questions.

Publication 17 has been published annually by the IRS since the 1940s and has been available on the IRS’s Web site since 1996. As in prior years, the publication is packed with basic tax-filing information and tips on which income to report and how to report it, as well as how to calculate capital gains and losses, claim dependents, choose the standard deduction versus itemized deductions, and use IRAs to save for retirement.