UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  FORM 10-KSB/A

[X]   ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
      1934
                  For the fiscal year ended December 31, 2007

[ ]   TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
      OF 1934

                         Commission File Number 0-25844

                         TAITRON COMPONENTS INCORPORATED
                 (Name of Small Business Issuer in Its Charter)

               California                                   95-4249240
     (State or Other Jurisdiction of                     (I.R.S. Employer
      Incorporation or Organization)                    Identification No.)

          28040 West Harrison Parkway, Valencia, California 91355-4162
               (Address of Principal Executive Offices, Zip Code)

         (Issuer's Telephone Number, Including Area Code) (661) 257-6060

         Securities registered under Section 12(b) of the Exchange Act:
                                      None

         Securities registered under Section 12(g) of the Exchange Act:
                Class A common stock, par value $.001 per share
                                (Title of Class)

Check whether the issuer is not required to file reports pursuant to Section 13
or 15(f) of the Exchange Act. |_|

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes No |_|

Check if there is no disclosure of delinquent filers in response to Item 405 of
Regulation S-B contained in this form, and no disclosure will be contained, to
the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-KSB or any
amendment to this Form 10-KSB.

Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act).

                                   Yes |_| No |X|

Registrant's revenues for its most recent fiscal year: $7,539,000

The aggregate market value of the voting common equity held by non-affiliates of
the registrant as of March 1, 2008 was approximately $5.5 million based upon the
closing price of $1.46 per share.

Number of shares outstanding of each of the issuer's classes of common stock, as
of the latest practicable date:

            Class                                   Outstanding on March 1, 2008
-------------------------------------               ----------------------------
Class A common stock, $.001 par value                        4,777,144
Class B common stock, $.001 par value                          762,612

Transitional Small Business Disclosure Format: Yes |_| No |X|

                       DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant's definitive proxy statement relating to registrant's
Annual Meeting of Shareholders are incorporated by reference in Part III of this
Form 10-KSB, which will be filed within 120 days of the registrant's fiscal year
end.


<PAGE>

                                EXPLANATORY NOTE

This Amendment No. 1 on Form 10-KSB/A to our Annual Report on Form 10-KSB for
the fiscal year ended December 31, 2007 that was originally filed with the
Securities and Exchange Commission on March 31, 2008 is being filed to amend our
certification filed pursuant to Exchange Act Rule 13a-14(a). Our certification
was not in the exact form prescribed by Item 601(b)(31) of Regulation S-B as it
omitted (i) paragraph 4(b) and (ii) the portion of the introductory language in
paragraph 4 that refers to the responsibility of the certifying officers for
establishing and maintaining the registrant's internal control over financial
reporting.

This Amendment No. 1 on Form 10-KSB/A does not change our previously reported
financial statements or any of the other disclosures previously contained in
Part I or Part II.

                                   SIGNATURES

      In accordance with Section 13 or 15(d) of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                                          Taitron Components Incorporated

Dated: May 2, 2008                        By: /s/ Stewart Wang
                                              ----------------------
                                              Stewart Wang

                                          Chief Executive Officer, President and
                                          Chief Financial Officer


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