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Did you know individuals and families earning $50,000 and above already pay 82 percent of total taxes and 91 percent of income taxes?

What Hurts More, Paying Taxes or NOT Paying Taxes?

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Filing Requirements for Most Taxpayers for 2007

If Your Filing Status is...
And at the end of 2004 you were...
File a return if your gross income was at least...
Single
Under 65
$8,750
Single
65 or Older
$10,050
Married Filing Joint
Under 65 (both spouses)
$17,500
Married Filing Joint
65 or older (one spouse)
$18,550
Married Filing Joint
65 or older (both spouses)
$18,900
Married Filing Separate
Any Age
$3,400
Head of Household
Under 65
$11,250
Head of Household
65 or Older
$12,550
Qualifying Widow(er) with dependent child
Under 65
$14,100
Qualifying Widow(er) with dependent child
65 or Older
$15,150

Additional Situations to File a Return for 2007
 
1.  You owe any special taxes, such as but not limited too:
     Taxes on Tips (not reported by your employer)
       Alternative Minimum Tax
       Additional taxes on IRAs, MSAs, or ESAs
       Recapture Taxes
 
2.  You received and advanced Earned Income Payment from your employer (usually in box 9 of your W-2).
 
3.  You had self-employment net earning of at least $400.
 
4.  You received wages from a church-or similar-controlled organization that is exempt from employer social secutity and medicare taxes.  Limits apply.
 
5.  All income is taxable.  Al Capone went to prison for not paying taxes on illegal income not murder.
 
 
 

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