Are you facing a lot of different tax questions this year? IRS experts have pulled together an overview of common tax issues in one convenient place � Publication 17, Your Federal Income Tax. This updated publication, available on the IRS Web site, IRS.gov, contains a vast array of helpful information for individual taxpayers.
This year the IRS has added new features to assist taxpayers to more easily navigate this widely-used publication. The on-line version of Publication 17 now contains electronic links for greater ease of use. Both the downloadable PDF and on-line HTML 2007 Publication 17 have over 800 hyperlinks. These hyperlinks allow users to immediately go to other parts of the publication, reducing the time it takes to access key information.
From stock sales to student loans, this nearly 300-page publication holds the answers to many of your questions:
- Need help deciphering the mysteries of the Roth IRA? Try Chapter 17 for Individual Retirement Arrangements.
- Do you have a new child in the house? See Chapter 34 for the Child Tax Credit.
- Are you selling stock for the first time? Check Chapter 16 for reporting capital gains. If you�re unloading losers, reporting capital losses is there, too.
- Do you need to report the profit on your home sale? See Chapter 15 for some good news. Generally, if you qualify you only need to report the sale of your home if your gain is more than $250,000 ($500,000 if married filing a joint return).
And the best part about Publication 17? It�s free. To get a copy, visit the IRS Web site at IRS.gov or call 800-TAX-FORM (800-829-3676).
Remember that for the genuine IRS Web site be sure to use .gov. Don't be confused by internet sites that end in .com, .net, .org or other designations instead of .gov. The address of the official IRS governmental Web site is www.irs.gov.