Who Must File a Tax Return?
When looking at the instructions for tax return form 1040, there are charts that will indicate who needs to file a return based on their filing status, age and gross income. Discover additional circumstances, such as selling a home, that may require a person to file a return with information from an independent CPA in this free video on filing tax returns.
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I'm Miranda Chook, a CPA, and we're going to talk about who needs to file a tax return. Now for the 2008 tax year, you can look at the instructions for form 1040 and there are charts there that will tell you based on your filing status, your age, and your gross income, whether or not you need to file a return. Now, in addition to that, you may want to file a return if certain other circumstances apply to you. For example, did you sell a home? Did you have federal income taxes withheld during the year that you want to get a refund for? Are you eligible for some of the credits that are out there, such as the earned income credit, that you can also receive? So, you may want to file a return even if you don't officially need to, in order to get back some amounts that are legally due to you. And for the 2007 tax year, many people who normally did not need to file, did need to file in order to receive a payment under the Economic Stimulus Program. So, please check with an experienced Financial Advisor to see how these might affect your specific circumstances.