As the year 2017 marches on, with the U.S. tax season in full swing, the Internal Revenue Service (IRS) has released its updated tax tables for filing your 1040EZ forms. These new 2017 tax tables provide the latest information on income tax rates and deductions for taxpayers, giving them an overview of what to expect when filing their taxes this year.
Understanding the ins and outs of the new IRS 1040EZ tax tables can be intimidating for many taxpayers, especially those who may be unfamiliar with the complexities of the U.S. Tax Code. But whether you’re a first-time filer or an experienced tax professional, it’s important to know the rules and regulations that apply to your situation. This article will provide an overview of the 2017 IRS 1040EZ tax tables, who should use them, and how to make the most of the deductions and credits available.
The 1040EZ form is the simplest form available for filing taxes, and as such, it is most commonly used by taxpayers who have uncomplicated financial situations. Those who file a 1040EZ typically have a single job, no dependents, and no other sources of income. Those with these basic qualifications can use the 1040EZ tax tables to determine their taxable income and total tax liability.
The 2017 tax tables for the 1040EZ form are broken down into four sections. The first section lists the applicable tax rates for single filers, married filing separately, and married filing jointly. The second section details the taxable income thresholds for each of these categories, and the third section provides the standard deduction amounts for each group. Finally, the fourth section outlines any additional adjustments to income that may apply.
Taxpayers who use the 1040EZ form may also be eligible for certain deductions and credits. While the 1040EZ form does not list all of these deductions and credits, it does include some of the most common, such as the Earned Income Credit, and the Child Tax Credit. Taxpayers should consult the IRS website and their state or local tax office for detailed information on which deductions and credits apply to their personal situation.
In addition to deductions and credits, taxpayers can also take advantage of other options that can help lower their taxable income. These include making contributions to a traditional IRA or 401K, or taking the Standard Deduction instead of itemizing deductions. Taxpayers should be aware that these options may affect their overall tax liability, so it’s important to understand the implications before proceeding.
As with all tax filings, accuracy is essential when using the 2017 IRS 1040EZ tax tables. As always, taxpayers should double check their calculations and review their forms carefully before submitting them to the IRS. By following the rules and regulations outlined in the 1040EZ tax tables, taxpayers can ensure that they’re filing their taxes correctly and getting the best possible outcome.
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