I remember sitting in my dad's office when I was a lot younger. He is a CPA and was in a meeting with someone and when they left the office, my dad said, "That guy used to be a millionaire." I said, "Used to be?" My father replied, "He didn't file his income taxes."

There are three things must be considered when determining if you have to file a tax return: your age, your filing status and your income. Most often, once you reach a certain income level, the law requires you to file. For 2007 tax returns, individuals younger than age 65 must file if they make at least:

$8,750 as single filers.
$11,250 as head of household filers.
$17,500 as married couples filing jointly and both husband and wife are younger than 65.

For more on special circumstances and the rest of the article, read here.

Labels: Income Tax, IRS