Phenomenal Tax Services

08/03/2025

Tax Tip 2025-53, July 31, 2025 — Social media can be a resource for up-to-date tax information, especially with the many changes to the federal taxes in 2025. However, taxpayers should be mindful of what accounts they’re following for tax advice. Unfortunately, there’s a lot of inaccurate or s...

03/23/2025

79 likes, 9 comments. “what are some things you wish you knew in your early 20s?”

03/21/2024

02/21/2024

09/19/2023

05/13/2023

2 Love Yourself Pillows available for purchase!! Inbox if interested. $28 for both or $15 for one.

11/17/2019

11/13/2019

~Tax Tip Tuesday

Yes, you can claim your grandchild, niece or nephew as a dependent! However, they must pass five tests to be a Qualifying Child.

- Relationship: be the descendent of your son, daughter, adopted child, stepchild, brother, sister, half brother, half sister, step sister or step brother.

- Age: on December 31st the child is younger than you, under 19, under 24 and a full-time student, or any age and permanently and totally disabled.

- Residency: the child must have lived with you for more than half the year

- Support: the child must not have provided more than half of their own support for the year

- Joint return: the child cannot file a joint return for the tax year

If they failed any of the above tests, they may still be claimed as a Qualifying Relative if:

- The person cannot be a qualifying child for you or any other taxpayer

- The person is related to you and lived with you as a member of your household the entire year

- The person’s gross income for the year is less than $4,150

- You must have provided more than half of the person’s total support for the year.

11/13/2019

With Tax Season quickly approaching one of the main things you need to know before filing is what is your filing status? The IRS has five different statuses which determine the rate your income is taxed. Your status will be what you are on the LAST DAY OF THE YEAR

👩 Single - Unmarried, LEGALLY separated from your spouse under a divorce or separate maintenance decree and you not qualify for another status.

👫 Married Filing Jointly - You are married and both you and your spouse AGREE to file a joint return. On a joint return you report your combined income and you deduct combined allowable expenses.

🚶‍♀️🚶‍♂️ Married Filing Separately - You are married and you and your spouse DO NOT AGREE to file a joint return. This method is only advantageous if you want to be responsible for your own tax (one of you owes a debt).

👨‍👧‍👦 Head of Household - You must meet three requirements: you are NOT married; you paid more than half of the cost of maintaining a home for a year; and a qualifying person lived with you in that home for more than half of the year.

👩‍👧 Qualifying Widow(er) with Dependent Child - You are eligible for this status for 2 years after the year your spouse died but you must have a DEPENDENT CHILD.

{Reference: IRS.gov}