IRS Posts New Publications 17 and 509; Discontinues 1518 Small Business Calendar
by Ken Berry on
By Ken Berry, Correspondent
The IRS has announced that it has posted “Pub. 17,” a long-standing guide covering a multitude of tax issues affecting individuals, for use in preparing 2013 returns. The updated Pub. 17 can be found online, however, the IRS says that it won’t be publishing a wall calendar listing important tax-related due dates.
The latest version of Pub. 17, the shorthand name for Publication 17, “Your Federal Income Tax,” is 286 pages long. It runs the gamut from snippets about tax filing status to income items to itemized tax deductions with much, much more. It also includes a summary of major tax changes taking effect on 2013 returns, including the new 3.8% Medicare surtax.
Pub. 17 is chock full of useful information such as the method for calculating capital gains and losses and how to work through the rules for reducing itemized deductions and personal exemptions. It features handy charts and tables for taxpayers and practitioners to use, as well as thousands of interactive links that can help answer questions quickly.
The IRS also recently released the latest edition of Publication 509, “Tax Calendars.” Pub. 509 lists due dates for various individual and business tax forms. However, on the cover page of Pub. 509, the IRS states that Publication 1518, “IRS Tax Calendar for Small Businesses and Self-Employed,” has been discontinued this year. Not to worry: The IRS further notes that an IRS Tax Calendar and most of the information that was contained in Pub. 1518 can still be found online.
Besides posting the updated versions of Pub. 17 and Pub. 509, the IRS is gearing up for the 2014 tax filing season. Many forms for 2013 returns are already available, while the IRS continues to add updated versions of other forms and instructions, practically on a daily basis.
Previously, the IRS announced that the season for filing individual returns will officially kick off on January 31.
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3 weeks 1 day ago by mucar1990