Taxpayers can get the most out of various tax benefits and get a head-start on preparing their 2013 federal income tax returns by consulting a newly revised comprehensive tax guide now available on www.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 law changes for 2014 including information on revised tax tables 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 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 forms are already posted, and updated versions of other forms, instructions and publications are being posted almost every day. Forms already available include Form 1040 and short Forms 1040A and 1040EZ.
A tax calculator is a tool to help you estimate your income tax during the year.
If you are trying to estimate your income tax during the year, you can do so by using a tax calculator rather than preparing an entire return. However, you can do more than just estimate your income tax bill. You can use a tax calculator to determine the correct amount of paycheck withholding deductions, how IRA contributions affect your income taxes, the effect of major life events on your tax return and even get an idea of what your tax refund will be