IRS Publication 501, officially titled “Exemptions, Standard Deduction, and Filing Information,” is a comprehensive document created by the Internal Revenue Service. It serves as a guide for individual taxpayers to understand the various factors that affect their tax liability. As you navigate the ...
The IRS wants you to file your tax return. That's why it has guides to help you with nearly every tax situation. Find the IRS publication that covers your particular situation.
501Exemptions, Standard Deduction, and Filing InformationThis publication discusses some tax rules that affect every person who may have to file a federal income tax return. It answers some basic questions: who must file, who should file, what filing status to use, how many exemptions to claim...
B: If one-half of your social security income plus your other gross income and any tax-exempt interest (yes, tax-exempt interest, it is stated like this in publication 501) is more than certain limits - see the Social Security page for details. In case A or B applies to you, start ...
IRS Publication 509 consists of different tax calendars for individuals, businesses, and employers. Each calendar provides a month-by-month breakdown of important tax-related dates, including due dates for filing tax returns, making estimated tax payments, and other tax responsibilities. ...
According toIRS publication 526(the gospel for qualified charitable contributions): The amount you can deduct for charitable contributions generally is limited to no more than 60% of your adjusted gross income. Your deduction may be further limited to 50%, 30%, or 20% of your adjusted gross ...
PolitiFact staff writer Jon Greenberg contributed to this report. UPDATE, Aug. 12, 2022: This story has been updated to reflect that, after initial publication, a spokesperson for the IRS confirmed to PolitiFact that the events detailed in this claim did not happen. The rating is u...
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IRS Publication 551 “Basis of Assets” is a detailed guide prepared by the Internal Revenue Service (IRS) that provides individuals with a comprehensive understanding of the concept of basis. Basis, in simple terms, refers to the amount of money or property investment from which an individual’...
Utilizing Publication 557 If you’re seekingtax-exempt statusfor your corporation under501(c)(3)of the tax code, then the IRS Publication 557 is a critical resource. It will help you determine if your organization qualifies, and how you should go about applying for tax-exempt status. For ex...