This was taken from a friend of mine who is a tax auditor, dunno if it will help any of you with figuring up ur taxes
I'm gonna offer some general information to help you guys out.
The standard deduction for filing status is:
Single..............................5,350
Married filing joint...........10,700
Married filing separately....5,350
Head of household............7,850
Exemption amount for yourself and all dependents is 3.400 per person
*Important deductions for college students*
Maximum deduction for student loan interest paid is 2,500.
Hope learning credit is first 2 yrs of college and is max of 1,650. (This works by taking 100% of the first 1,100, then 50% of the second 1,100)
The lifetime learning credit is for after the first 2 yrs of college"qualified tuition and fees paid with the proceeds of a loan generally are eligible for the lifetime learning credit."
The mileage deduction for 2007 is 48.5 cents per mile for business use.
For other tax information please contact me by pm, thank you.
IRS Circular 230 requires us to inform you that any statements contained in this transmission are not intended or written to be used, and cannot be used, by you or any other taxpayer, for the purpose of avoiding any penalties that may be imposed by federal tax law.
