Single 0 ny tax questions?

hi





i recently acquired a new job. im trying to figure out the taxes i'll be paying but i used online calculators and sort of have a general idea of what my net pay will be. still waiting for my first paycheck (monthly) to see what's the error margin of my calculations. i filled the W-4 form as single 0 i'm not sure if i checked myself as depended as i still live with my parents. will checking myself as depended on my W-4 lower my taxes noticeably? also as far as tax deductions single 0 doesn't have too many options other than 401k or IRA. am i right here? i still attend school and i've read that commute expenses from job to school can be deducted from taxation. now is this based on mileage (do i need to have actual gas receipt or can i calculate my gas expenses based on mileage and report that?). also i've read somewhere that i can make donation/contribution of up to $500 w/o receipt/documentation. is this correct? will setting up LLC help reduce taxes in someway (just read it on foru

Single 0 ny tax questions?
You have asked a large number of questions, most of which can not be answered without a great deal more information. One thing you do need to settle with your parents is who will be taking you as a dependent. For 2007 that will mean a $3,400 exemption for one of you but not both. If your parents are in the 28% tax bracket their taking you as a dependent saves them $952. If you take the exemption in the 10% bracket you would save $340. As you can see there needs to be some planning. As for tuition the person that pays it can take the deduction or credit. You don't need an LLC unless you are making a great deal of money in which case you should be paying for this advice. Speaking of advice you might think about taking a basic tax preparation course so you can get some answers to these questions.