Matrix

I am 20 and going to college. I am still living at home (in WI) while i go to school and would like to get my business started; however, I am claimed as a dependent on my parents taxes. Can I still file and start an LLC in WI even though I am still claimed as a dependent on my parents taxes?

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.

2 Responses

1. Tim T Says:
   January 17th, 2010 at 12:04 am

   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.
   References :
   Entrepreneur

2. tro Says:
   January 17th, 2010 at 12:19 am

   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
   References :

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