Thursday, November 1, 2007

Do I have to File Taxes?

2 certainties in life: death and taxes. Everyone must pay taxes, however, whether you have to file a tax return is not always so certain. So who Must File?

Whether you have to file a tax return depends, in part, on your age, filing status, and gross income.

** If you are single and under the age of 65 and your gross income was at least $8,450

** If you are an individual who may be claimed as a dependent on another person's return, you are subject to specific filing requirements.

** You must file a tax return if you received any amount of advance earned income credit payments from your employer during the year

** You must file if you owe any taxes, such as social security tax and Medicare tax on tips or group life insurance, alternative minimum tax, tax on qualified retirement plans including an IRA, or other tax-favored account, tax from recapture of an education credit, investment credit, low income housing credit, federal mortgage subsidy, qualified electric vehicle credit, or the native American employment credit.
** Generally, you must file a tax return if you are a nonresident alien with income from sources in the United States. Even if you are not required to file a tax return, file a return if you are due a refund.

** You had net earnings from self-employment of at least $400.
** You had wages of $108.28 or more from a church or qualified church-controlled organization that is exempt from employer social
security and Medicare taxes.

There is also other criteria that could obligate a taxpayer to file a tax return. If you question whether you should file a tax return, please review "Filing Requirements---Do You Have to File?" at the following link:

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