Claiming adependenton yourtax returncan make all the difference when it comes to yourtax liability. Adding a tax dependent may qualify you for certaintax benefitssuch as thechild tax creditandchild and dependent care credit, which in turn reduces yourtaxable incomeand your tax liability. It also...
In order to qualify for the deduction,oneof the following statements must apply to you: You were self-employed and had a net profit for the tax year reported on Schedule C (Profit or Loss From Business) or Schedule F (Profit or Loss From Farming). ...