Recently the Internal Revenue Service has released “publication 17” which is helpful for 2016 taxpayers. 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 includes features details on taking advantage of a wide range of tax-saving opportunities. This also 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.