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.
If a nonprofit is successful, itâs making a profit. The difference between non-profit corporations and for-profit corporations is what those corporations do with their profits. For-profit corporations distribute profits to its shareholders.o if you simply want to form a non profit organization and not worry about trying to become tax exempt (501c3 status), the process is fairly quick and easy in most states. You or we can form this at the state level for you. We recommend doing it in whatever state you are based out of.