My son is in college and has his own business on the side. He has an LLC and he will end up with about $5k of net income for 2017. We plan to do his Business taxes and then carry over his net income into his taxes. a) Can I still claim him as a dependant and b) does he need to file taxes since he made less than the standard deduction?
Yes, if he is under 24 years old and a full-time student who lives with you (except for temporary periods while away at school) you can still claim him.
He will need to file a tax return to report his Self-Employment Income. He is subject to Self-Employment tax on his net profit.
You say that he is an LLC. If he is the sole owner of the LLC, unless he elected to be treated as a corporation, the LLC is a disregarded
entitity, and he'll report his income on Schedule C as a sole proprietor.
Yes, if he is under 24 years old and a full-time student who lives with you (except for temporary periods while away at school) you can still claim him.
He will need to file a tax return to report his Self-Employment Income. He is subject to Self-Employment tax on his net profit.
You say that he is an LLC. If he is the sole owner of the LLC, unless he elected to be treated as a corporation, the LLC is a disregarded
entitity, and he'll report his income on Schedule C as a sole proprietor.