IRS Updates Annual Tax Guide for Tax Season

The Internal Revenue Service has updated its venerable tax guide for this tax season.

Publication 17, Your Federal Income Tax, features details on taking advantage of a wide range of tax-saving opportunities, such as the American Opportunity Tax Credit for parents and college students, the Child Tax Credit and Earned Income Tax Credit for low- and moderate-income workers.

It also includes a rundown on tax changes for 2015 including information on revised tax rates, limits on various tax benefits for some taxpayers and reporting requirements of the Affordable Care Act. The 286-page guide also provides thousands of 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 website since 1996. As in prior years, the 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 Pub.17, IRS.gov offers many other resources for tax year 2015, including current and prior-year tax forms and publications, on IRS.gov.