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You have misunderstood someone. You can always take the standard deduction. You itemize if it's to your benefit. You will be entitled to your exemption as long as no one else can use it (parents, etc.).

Your employer will not withhold from your wages. Taxes are "pay as you go." So, the IRS will expect you to make estimated taxes quarterly.

Your business will probably entitle you to other deductions. You might want to consult with a tax advisor.

Good luck.
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