Even if you have signed as an owner-builder on the building permit: 1  you and a builder, contractor or tradesperson must enter into a written contract for domestic building work costing more than $5,000.
1 The parent who the child spends the most time with may claim the dependent. 2  If the child spends equal time between both parents, then the parent with the highest adjusted gross income may claim the dependent. 3  If only one of the taxpayers is the childâs parent, that parent may claim the dependent.
Claiming a child on your tax return can lower your taxes and raise your refund. You can claim a âqualifying childâ or âqualifying relativeâ as dependent. A âqualifying childâ can also be claimed for the EITC (Earned Income Tax Credit).There are 3 ways that claiming a child can help on your taxes. ï· A child can be your dependent and give you a âdeduction.â This is subtracted from your income before your taxes are figured. Lower income means less tax. âqualifying childâ can also be claimed for the EITC (Earned Income Tax Credit). There are 3 ways that claiming a child can help on your taxes. ï· A child can be your dependent and give you a âdeduction.â This is subtracted from your income before your taxes are figured. Lower income means less tax.