Take Advantage of the IRS’ New Tax Guide & Take Advantage of Savings on Your 2011 Income Taxes

FOR IMMEDIATE RELEASE
ANYWHERE , California, United States of America (Free-Press-Release.com) January 3, 2012 -- Could you use some free help preparing your 2011 federal income taxes? Unless you are an accountant, you may be unaware of IRS’ Publication 17, recently revised by the IRS, and is now available on the IRS website, IRS.gov. This comprehensive tax guide is designed to help taxpayers get the most out of various recovery tax benefits.

Publication 17, entitled “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 the expanded Earned Income Tax Credit for low- and moderate-income workers. 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.

Publication 17 has been published annually by the IRS since the 1940s and has been available on the IRS web site since 1996. However, the guide is more helpful this year because of the numerous revisions. Of course, as in prior years, Publication 17 still contains all of the information you need to help you understand how to file your taxes. In addition to this basic tax-filing information, the guide also has 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.

Stephanie Izen is a legal and regulatory compliance specialist who lives at the intersection of business, law and finance. Stephanie Izen can be reached at stephanieizen@yahoo.com.

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