IRS Publication 17, "Your Federal Income Tax,"
IRS Publication 17, "Your Federal Income Tax,"
IRS Publication 17, “Your Federal Income Tax,” is a comprehensive guide published annually by the Internal Revenue Service. Key features include:
1. Covers general rules for filing individual income tax returns
2. Explains what income is taxable and what isn’t
3. Details various deductions and credits available
4. Provides information on how to calculate taxes owed
5. Offers guidance on filing procedures and deadlines
6. Updated yearly to reflect current tax laws and regulations
This publication is an essential resource for taxpayers, offering clear explanations of complex tax topics in plain language. It helps individuals understand their tax obligations, maximize their deductions, and avoid common errors. While not a substitute for professional tax advice, Publication 17 serves as a valuable reference for both simple and more complex tax situations. It’s freely available on the IRS website and can be a useful tool for anyone preparing their own tax return or seeking to better understand the U.S. tax system.