Stephanie Izen Reports: IRS Releases Newly Revised Tax Guide to Help Consumers

Publication 17, recently revised by the IRS, is a comprehensive tax guide designed to help taxpayers get the most out of various recovery tax benefits. End Quote

(1888PressRelease) January 06, 2012 - Stephanie Izen asks: could you use some help preparing your 2011 federal income taxes? Unless you are an accountant, says Stephanie Izen, you may be unaware of Publication 17, recently revised by the IRS. As Stephanie Izen notes, this comprehensive tax guide is designed to help taxpayers get the most out of various recovery tax benefits. And, says Stephanie Izen, the guide is available for free on the IRS website, IRS.gov.

Publication 17, entitled "Your Federal Income Tax," features details on taking advantage of a wide range of tax-saving opportunities. As Stephanie Izen notes, these include the American Opportunity Credit for parents and college students, the Child Tax Credit, and the expanded Earned Income Tax Credit for low- and moderate-income workers. Stephanie Izen says the useful 303-page guide also provides more than 5,000 interactive links to help taxpayers quickly get answers to their most frequently asked questions.

Historically, states Stephanie Izen, the IRS has published the guide since the 1940s. Stephanie Izen notes that Publication 17 has been available on the IRS website since 1996. However, says Stephanie Izen, this year the guide contains numerous revisions. As in years past, states Stephanie Izen, Publication 17 contains all of the information needed to help consumers understand how to file their taxes. In addition to this basic tax-filing information, says Stephanie Izen, the guide also has tips on what income to report and how to report it, figuring capital gains and losses, claiming dependents, and choosing the standard deduction versus itemizing deductions. In sum, opines Stephanie Izen, Publication 17 is a useful resource for all taxpayers.

Stephanie Izen lives at the intersection of business, law and finance, and specializes in legal and regulatory compliance.

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