Tax Guide Can Help People Save on Their 2011 Taxes
Taxpayers can get the most out of various recovery tax benefits and get informed about the preparation of their 2011 federal income tax returns by reviewing the newly revised, comprehensive tax guide now available on IRS.gov.
Publication 17, Your Federal Income Tax, features details on taking advantage of a wide range of tax-saving opportunities, such as the American opportunity credit for parents and college students, the child tax credit, and expanded earned income tax credit for low- and moderate-income workers. If you have several hours to spare, this 303-page guide also provides more than 5,000 links to help taxpayers get answers to some of their questions. However, it is also good if you only have a few minutes and are looking for a quick answer.
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, this publication has 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.
This publication should be used as a resource for assessing additional deductions, and credits, as well as assessing if money you receive is taxable. The best thing you can do as a tax payer is be informed, and this is a resource that has a lot of answers.
However, this publication does not have all of the answers, so please contact us if you ever have any questions.