CAN YOU START A BUSINESS IF YOU ARE CLAIMED AS A DEPENDENT ON SOMEONE ELSES TAXES?

I am twenty as well as starting to college. I am still vital during home (in WI) whilst i go to propagandize as well as would similar to to get my commercial operation started; however, I am claimed as the contingent upon my relatives taxes. Can I still record as well as begin an LLC in WI even yet I am still claimed as the contingent upon my relatives taxes?

{ 2 comments… read them below or add one }

Tim T September 7, 2010 at 4:58 pm

Yes, you can start a business. When you do your taxes, you just can’t take an exemption for yourself since your parents are already taking it.

tro September 7, 2010 at 5:46 pm

first if all forget the LLC
if you want to start a small business for yourself that is fine
you can file your Sch C and Sch SE on your own 1040, but not taking your personal exemption since your indicate your parents are doing that
you are allowed limited standard deduction on your own return

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