Taxpayers can get the most out of various tax benefits and get a jump on preparing their 2013 federal income tax returns by consulting a 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 Tax Credit for parents and college students, and the Child Tax Credit and Earned Income Tax Credit for low- and moderate-income workers.
It also features a rundown on tax changes for 2013 including information on revised tax rates and new limits on various tax benefits for some taxpayers. This useful 292-page guide also provides thousands of interactive links to help taxpayers quickly get answers to their tax questions.
Publication 17 has been published annually by the IRS since the 1940s and 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.
Besides Publication 17, IRS.gov offers many other helpful resources for those doing year-end tax planning. Many 2013 tax forms are already posted, and updated versions of other forms, 1040 instructions and publications are being posted almost every day. Tax forms already available include Form 1040 and short Forms 1040A and1040EZ.
Calculate Your Tax Refund in Advance
A tax refund calculatorwill not only let you know whether or not you are getting a tax refund back but it also lets you know approximately how much it will be too. This way when tax season comes around you can be stress free. Not to mention the fact that you can use it for free. Choose from the TurboTax refund calculator or H and R Block tax refund calculator.