Useful IRS Publications

The IRS has a wide variety of publications covering almost every aspect of income tax. You can order them directly from the IRS by phone, or download them from the IRS Website. Many of them can also be found at your local bank or library.

One of the most helpful publications is Publication 525. This publication looks at the many different kinds of income and explains whether they are taxable or nontaxable. It covers everything from wages and fringe benefits to welfare. Income is generally taxable unless specifically exempted by law. Some nontaxable income may still have to be reported on your tax returns.

Publication 550 will give you the skinny on the taxation of investment income and expenses. It explains what investment income is taxable and what investment expenses are deductible. It also shows you how to report these items on your tax return and how to report gains and losses on investment property.

Trying to report your mutual fund earnings? Take a look at Publication 564. It explains how to report mutual fund distributions (including those from money market funds) and expenses. It will also help you with gains and losses from the trading and redemption of mutual fund shares.

If you have money invested in an individual retirement account, then Publication 590 is the one for you.

IRS publications cover a wide variety of tax subjects. They are all available free of charge and can even be downloaded as PDF files from the IRS site. These publications are very helpful in determining what is taxable and not and how to complete the IRS forms and schedules.

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