Filing Requirements- General Rules

Date: Friday, September 12, 2008
Time: 11 PM
Place: Kitchen

An individual must file a tax return if certain minimum amounts of gross income have been recieved. The general rule is that a tax return is required for every individual who has a gross income that equals or exceeds the sume of the exemption amount plus the applicable standard deduction. For example, a single taxpayer under age 65 must file a tax retuen in 2007 if gross income equals of exceeds $8,750.
The additional standard deduction for being age 65 or older is considered in determing the gross income filing requriements. However, the additional deduction for being blind is not taken into accoutn. A slef employed person with net earneing of $400 or more frm a business or profession must file a tax retuen regardless of the amount of fross income.
Even though an individual has gross income below the filing level anounts and therefore does not owe any tax, he or she must file a return in order to obtain a tax refund of the anounts witheld. A return is also necesary to obtain the benefits of the earned income credit allowed to taxpayers with little orno tax liability.