To start with, I am going to assume that the child is the biological child of both of you and that you live together. In that case, only one person can claim all the tax benefits -- dependent exemption, child tax credit, head of household filing status (sometimes), EIC (sometimes), and dependent care credit or tax-free FSA.
The Statute IRC 501(c)(4) provides for exemption of: Civic leagues or organizations not organized for profit but operated. exclusively for the promotion of social welfare. Local associations of employees, the membership of which is limited to the. employees of a designated person or persons in a particular municipality.
For-Profit and Nonprofit Organizations. There are several differences between for-profit and nonprofit organizations. While the aim of for-profit organizations is to maximize profits and forward these profits to the company's owners and shareholders, nonprofit organizations aim to provide society's needs.Non-profit organizations have no owners.ax Exemption. For-profit organizations must pay taxes on their net income, but this is not true for nonprofits if they are exempt from taxes. If a nonprofit's goal is to increase the welfare of society, governments tend to help this cause by minimizing the nonprofit's costs as much as possible.