Tax Guide 2024 for Individuals: Publication 17

Version 2.0, released January 22, 2025. Check the bottom left corner of the cover to see which version you are buying. For use in preparing 2024 tax returns. Publication 17 from the IRS, officially titled “Your Federal Income Tax For Individuals 2024,” is an essential resource for taxpayers in the United States. It provides comprehensive guidance on preparing and filing federal income tax returns for individuals. This publication covers a wide range of topics, including income, deductions, credits, and tax calculations. Key features of the 2024 Publication 17 include: Overview of Tax Rules: Explains general tax laws and filing requirements applicable to individuals. Step-by-Step Instructions: Offers detailed instructions for completing IRS Form 1040 and related schedules. Information on Income Types: Describes different types of taxable and nontaxable income, including wages, self-employment income, capital gains, and dividends. Deductions and Credits: Highlights common deductions, such as medical expenses and charitable contributions, as well as credits like the Earned Income Tax Credit (EITC) and Child Tax Credit. Filing Tips and Updates: Provides helpful tips and up-to-date information on tax law changes for the tax year. Special Topics: Includes guidance on unique situations such as dealing with income from the gig economy, education expenses, and retirement contributions. Publication 17 is written in a straightforward manner to make tax rules accessible to a broad audience. It is updated annually to reflect changes in tax laws. It serves as a valuable reference for taxpayers, tax professionals, and anyone seeking to understand federal income tax obligations.