The Internal Revenue Service has published its annual comprehensive tax guide for individuals known as ‘Your Federal Income Tax’ containing information on new tax changes in addition to general information for the taxpayer.
Publication 17 has been updated with important changes for 2003, including tax breaks for men and women serving in the military resulting from the Military Family Tax Relief Act of 2003, which was signed into law on Nov. 11. Among other changes, Publication 17 explains the new dividend tax rates and sets out the new lower income tax rates.
As in prior years, the publication provides information on how to file an individual tax return, what to include as income, how to calculate capital gains and losses, how IRAs and other expenses can affect how much income to report, whether to take the standard deduction or itemize, and how to figure taxes and credits.
The updated IRS Taxpayer Guide For 2003/04 can be found in the Tax News Resources section.
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