IRS Publication 17
What Is IRS Publication 17?
IRS Publication 17 is an informational document distributed by the Internal Revenue Service (IRS) that outlines the rules administering the filing of federal individual income tax returns. The form gives information particularly about tax form 1040, which is utilized to file individual federal income tax returns.
IRS Publication 17 can be accessed on the IRS website.
The 2020 federal income tax filing due date for most individuals has been extended from April 15, 2021, to May 17, 2021. Payment of taxes owed can be delayed to the same date without penalty. Your state tax deadline may not be delayed.
Assuming that you live in Texas, your deadline for filing your 2020 taxes and paying any tax due has been moved to June 15, 2021, due to the blizzard related federal disaster declaration. In the event that you don't live in Texas however were affected by the tempest, you may in any case be eligible.
Understanding IRS Publication 17
In Publication 17, which is updated annually, the Internal Revenue Service (IRS) outlines who must file a federal individual income tax return, the forms taxpayers must utilize while finishing up the return, the number of exemptions they that can take, when the return is due, and how to file the return itself. The publication assists taxpayers with distinguishing their filing status, whether they can claim wards, what type of deductions are available, and what credits are available to reduce tax obligations.
The document covers a broad set of points, the majority of which are explained in additional detail in different IRS publications. Examples incorporate the treatment of mortgage interest expense, sales of property, dividend income, casualty and theft losses, and tuition expenses.
Publication 17 does not cover business taxes for the self-employed, which are covered in [Publication 334](/irs-bar 334) (Tax Guide for Small Business), [Publication 535](/irs-bar 535) (Business Expenses), and Publication 587 (Business Use of Your Home).
Form 1040
Form 1040 should be filed with the IRS by April 15 in many years. Each and every individual who earns income over a certain threshold must file an income tax return with the IRS (businesses have various forms to report their profits).
One recent change: Form 1040-A and Form 1040-EZ — worked on forms utilized in past years — have been eliminated.
The 1040 form was updated for 2018 after the passage of the Tax Cuts and Jobs Act. The new, more limited 1040 is charged as easier to utilize.
The most usually utilized lines on the previous years' 1040s remain on the new form. Different lines are presently on new timetables and are organized by categories.
Taxpayers who regularly use tax preparation software may not even notice the changes as the software will automatically transfer over the information.
Features
- Publication 17 states who must file tax returns and outlines what information is required on tax form 1040.
- IRS Publication 17 illuminates the basic rules and guidelines for individuals filing federal income taxes.
- The publication is updated each year as required and appears on the IRS website.
