Lighthouse Financial Group USA, Inc.

🚨 2023 Tax Season is Ending Soon! 🚨

The clock is ticking, and the 2023 tax season deadlines are fast approaching! ⏰ Don’t let the pressure of last-minute filings get to you. Our team at Lighthouse Financial Group USA, Inc. is here to help you navigate through this crucial period with ease.

🌟 Why Choose Us?

✅ Experienced Professionals

✅ Personalized Tax Solutions

✅ Hassle-Free Process

📝 What You Need to Do:

📞 Contact Us Today: Call us at (954) 678-2990.
📅 Schedule a Tax Strategy Consultation: We'll discuss your needs and set up a plan tailored just for you. Call for prices.
📄 Get Your Documents Ready: We'll guide you on what you need to prepare.
Don’t wait until it’s too late! Make sure your taxes are in expert hands. Click the link below to visit our page and get started now. 👇

🔗 [Link to your page] or through our website www.lighthousefinancialgroupusa.com

Tax Preparation Service | Lighthouse Financial Group USA Inc. LIGHTHOUSE FINANCIAL, INCOME TAXES, CORPORATION FORMATIONS,BUSINESS START UP CONSULTATIONS,REGISTERED AGENT, ENROLLED AGENT

People may want to file a tax return – even if they aren’t required to do so

Some people choose not to file a tax return because they aren’t legally required to file, but they could be missing out on refundable tax credits or an income tax refund. This could apply to someone if they:

Have had federal income tax withheld from their pay.
Made estimated tax payments.
Qualify to claim refundable tax credits.
Here are a few of the valuable tax credits eligible people can claim on a tax return

Earned Income Tax Credit – The EITC helps workers who earned $59,187 or less when they file their tax return. Taxpayers can use the EITC Assistant on IRS.gov to check their eligibility.
Child Tax Credit – Taxpayers can claim the Child Tax Credit if they have a qualifying child under the age of 18 and meet other qualifications.
Credit for Other Dependents – Taxpayers who do not qualify for the child tax credit may qualify for the Credit for Other Dependents. This includes people who have:
Dependent children who are age 18 or older at the end of 2022.
Parents or other qualifying individuals they support.
Education credits – Education expenses can add up fast, but there are two higher education credits to help. The American Opportunity Tax Credit is for qualified education expenses for the first four years of higher education. The Lifetime Learning Credit is for qualified tuition and related expenses paid for eligible students enrolled in an eligible educational institution.
The Interactive Tax Assistant can help people when they’re deciding whether to file
The Interactive Tax Assistant is a tool that provides answers to many common tax law questions based on an individual's specific circumstances. It can help someone decide whether they should file a tax return and if they’re eligible for many common tax credits.

The tool keeps the taxpayer anonymous. The taxpayer’s information isn’t stored and is used by the assistant only to answer the taxpayer's questions. The assistant will not share, store or use information in any other way, nor can it identify the individual using it. The system discards the information the user provides when they exit a topic.

Taxpayers can e-file to get their refunds faster
The fastest way people can get a refund is to e-file and select direct deposit. The IRS issues more than 9 out of 10 refunds for e-filed returns in fewer than 21 days.

Choose a Tax Preparer for the upcoming filing season

Choose a Tax Preparer for the upcoming filing season
At Lighthouse Financial Group USA, Inc., we know we are your best option for the filing of your business and individual taxes. As the tax filing season approaches, and you start gathering your documents and receipts in preparation for filing a tax return, many of you, your friends and family are also choosing to use or change to a professional tax return preparer. We want to be sure you are confident with your decision and what you need to know before selecting a tax professional if you choose to don’t use us.
1. Anyone with an IRS Preparer Tax Identification Number (PTIN) can be a paid tax return preparer. However, tax return preparers have differing levels of skills, education and expertise. Choosing a tax return preparer wisely is important because taxpayers are ultimately responsible for all the information on their return, no matter who prepares it for them.
2. Taxpayers can search with the IRS Directory of Preparers.
3. When looking for a tax professional, taxpayers can search the IRS Directory of Preparers. While it is not a complete listing of tax return preparers, it does include those who are enrolled agents like me (you can find me as Sandra Fabregas-Ruiz), CPAs and attorneys, as well as those who participate in the Annual Filing Season Program.
4. Before hiring a preparer, you should make sure you have chosen wisely. You can do this by:
a. Checking the preparer's history with the Better Business Bureau. Taxpayers can also verify an enrolled agent's status on IRS.gov.
b. Asking about fees. Taxpayers should avoid tax return preparers who base their fees on a percentage of the refund or who offer to deposit all or part of their refund into their financial accounts. Taxpayers should be suspicious of any preparer claiming they can get larger refunds than other tax preparers.
c. Asking if the preparer plans to use e-file. The fastest way to get a tax refund is by e-filing and choosing a direct deposit.
d. Make sure the preparer will be available if needed during the year. You should consider whether the individual or tax firm you choose will be around for months or years after filing the return. It’s possible you will need the preparer to answer questions about the preparation of the tax return later. No worries, as we are available all year for your tax needs.
e. Ensuring the preparer signs and includes their PTIN. Paid tax return preparers must have a PTIN to prepare tax returns and must include it on any tax return they prepare.
f. Considering the person's credentials. Only attorneys, CPAs and enrolled agents can represent taxpayers before the IRS in tax matters. Other tax return preparers who participate in the IRS Annual Filing Season Program have limited practice rights to represent taxpayers during audits of returns they prepared.

Choose a Tax Preparer for the upcoming filing season
At Lighthouse Financial Group USA, Inc., we know we are your best option for the filing of your business and individual taxes. As the tax filing season approaches, and you start gathering your documents and receipts in preparation for filing a tax return, many of you, your friends and family are also choosing to use or change to a professional tax return preparer. We want to be sure you are confident with your decision and what you need to know before selecting a tax professional if you choose to don’t use us.
1. Anyone with an IRS Preparer Tax Identification Number (PTIN) can be a paid tax return preparer. However, tax return preparers have differing levels of skills, education and expertise. Choosing a tax return preparer wisely is important because taxpayers are ultimately responsible for all the information on their return, no matter who prepares it for them.
2. Taxpayers can search with the IRS Directory of Preparers.
3. When looking for a tax professional, taxpayers can search the IRS Directory of Preparers. While it is not a complete listing of tax return preparers, it does include those who are enrolled agents like me (you can find me as Sandra Fabregas-Ruiz), CPAs and attorneys, as well as those who participate in the Annual Filing Season Program.
4. Before hiring a preparer, you should make sure you have chosen wisely. You can do this by:
a. Checking the preparer's history with the Better Business Bureau. Taxpayers can also verify an enrolled agent's status on IRS.gov.
b. Asking about fees. Taxpayers should avoid tax return preparers who base their fees on a percentage of the refund or who offer to deposit all or part of their refund into their financial accounts. Taxpayers should be suspicious of any preparer claiming they can get larger refunds than other tax preparers.
c. Asking if the preparer plans to use e-file. The fastest way to get a tax refund is by e-filing and choosing a direct deposit.
d. Make sure the preparer will be available if needed during the year. You should consider whether the individual or tax firm you choose will be around for months or years after filing the return. It’s possible you will need the preparer to answer questions about the preparation of the tax return later. No worries, as we are available all year for your tax needs.
e. Ensuring the preparer signs and includes their PTIN. Paid tax return preparers must have a PTIN to prepare tax returns and must include it on any tax return they prepare.
f. Considering the person's credentials. Only attorneys, CPAs and enrolled agents can represent taxpayers before the IRS in tax matters. Other tax return preparers who participate in the IRS Annual Filing Season Program have limited practice rights to represent taxpayers during audits of returns they prepared.

Lighthouse Financial Group USA, Inc. updated their business hours.

Lighthouse Financial Group USA, Inc. updated their phone number.

Lighthouse Financial Group USA, Inc. updated their address.

How to Fill W4 Form when you are Single without Dependents This video is a detailed step by step description of how to fill a W4 form when you are a single taxpayer without dependents. You might easily find that you ...

Getting Divorce !!!!
Some tax considerations for people who are separating or divorcing

When people go through a legal separation or divorce, the change in their relationship status also affects their tax situation. The IRS considers a couple married for filing purposes until they get a final decree of divorce or separate maintenance.

Update withholding
When someone becomes divorced or separated, they usually need to file a new Form W-4 with their employer to claim the proper withholding. If they receive alimony, they may have to make estimated tax payments. The Tax Withholding Estimator tool on IRS.gov can help people figure out if they’re withholding the correct amount.

Understand the tax treatment of alimony and separate maintenance
Amounts paid to a spouse or a former spouse under a divorce decree, a separate maintenance decree, or a written separation agreement may be alimony or separate maintenance payments for federal tax purposes. Certain alimony or separate maintenance payments are deductible by the payer spouse, and the recipient spouse must include it in income.

However, individuals can't deduct alimony or separate maintenance payments made under a divorce or separation agreement executed after 2018 or executed before 2019 but later modified if the modification expressly states the repeal of the deduction for alimony payments applies to the modification. Alimony and separate maintenance payments received under such an agreement are not included in the income the recipient spouse.

Determine who will claim a dependent child if filing separate returns
Generally, the parent with custody of a child can claim that child on their tax return. If parents split custody fifty-fifty and aren’t filing a joint return, they’ll have to decide which parent gets to claim the child. There are tie-breaker rules if the parents can’t agree. Child support payments aren’t deductible by the payer and aren’t taxable to the payee.

Report property transfers, if needed
Usually, there is no recognized gain or loss on the transfer of property between spouses, or between former spouses if the transfer is because of a divorce. People may have to report the transaction on a gift tax return.

Consider filing status
Divorcing couples who are still married as of the end of the year are treated as married for the year and must determine their filing status. The What Is My Filing Status tool on IRS.gov can help people figure out what status makes sense for their situation.

Here the statuses separating or recently divorced people should consider:

• Married filing jointly. On a joint return, married people report their combined income and deduct their combined allowable expenses. For many couples, filing jointly results in a lower tax than filing separately.

• Married filing separately. If spouses file separate tax returns, they each report only their own income, deductions, and credits on their individual return. Each spouse is responsible only for the tax due on their own return. People should consider whether filing separately or jointly is better for them.

• Head of household. Some separated people may be eligible to file as head of household if all of these apply.

o Their spouse didn’t live in their home for the last six months of the year.
o They paid more than half the cost of keeping up their home for the year.
o Their home was the main home of their dependent child for more than half the year.

• Single. Once the final decree of divorce or separate maintenance is issued, a taxpayer will file as single starting for the year it was issued, unless they are eligible to file as head of household or they remarry by the end of the year.

You may be qualified for SSDI if a disability has impaired your health to the degree where you have been unable to work for at least 12 months owing to a medical or physical impairment. You can apply online at SSA.gov or request an appointment with your local Social Security office by calling 800-772-1213 toll free. You can also file a claim over the phone. The application procedure usually takes an hour or more to complete.

Social Security Disability Benefits- Check if you qualify You may be qualified for SSDI if a disability has impaired your health to the degree where you have been unable to work for at least 12 months owing to a medical or physical impairment. You can apply online at SSA.gov or request an appointment with your local Social Security office by calling 800-77...

If you are looking to grow your business using Social Media Marketing, take a look of this useful tips for Small Business.

Social Media Marketing Tips for Small Business Facebook, Twitter, LinkedIn, and Instagram... So many options, so many platforms, so much uncertainty. There's no denying that a strong social media presence can help your business grow. But where to begin?

At Lighthouse we are very proud to have had this beautiful handmade wood sign by our friend Steve Simoneaux @ River Routers Wood Creativity. Thanks Steve

Lighthouse Financial Group USA reminds taxpayers an extension to file is not an extension to pay taxes

For most individual taxpayers the tax filing and payment deadline is Monday, April 18, 2022. Those who need more time to file can request an extension to file. Taxpayers must request an extension to file by April 18, or they may face a failure to file penalty. This extension gives them until October 17 to file their tax return. An extension to file is not an extension to pay.

Most taxpayers must pay taxes by April 18 to avoid penalties and interest on the amount owed after that date. Taxpayers in Maine and Massachusetts have until April 19 to pay to file their returns due to the Patriots' Day holiday in those states.

Valuable tax benefits for members of the military

Members of the military may qualify for tax benefits not available to civilians. For example, they don't have to pay taxes on some types of income. Special rules may lower the tax they owe or allow them more time to file and pay their federal taxes.

Here are some of these special tax benefits:

• Combat pay exclusion: If someone serves in a combat zone, part or all of their pay is tax-free. This also applies to people working in an area outside a combat zone when the Department of Defense certifies that area is in direct support of military operations in a combat zone. There are limits to this exclusion for commissioned officers.

• Other nontaxable benefits: Base allowance for housing, base allowance for subsistence and uniform allowances are among several government pay items excluded from gross income, which means they are not taxed.

• Moving expenses: Some non-reimbursed moving expenses may be tax deductible. To deduct these expenses, the taxpayer must be a member of the Armed Forces on active duty and their move must be due to a military order or result of a permanent change of station.

• Deadline extensions: Some members of the military – such as those who serve overseas – can postpone most tax deadlines. Those who qualify can get automatic extensions of time to file and pay their taxes.

• Earned income tax credit: Special rules allow military members who get nontaxable combat pay to choose to include it in their taxable income. One reason they might do this is to increase the amount of their earned income tax credit. People who qualify for this credit could owe less tax or even get a larger refund. Also, taxpayers can use their 2019 earned income to figure their 2021 earned income credit if their 2019 earned income is more than their 2021 earned income.

• Joint return signatures: Both spouses must normally sign a joint income tax return. However, if military service prevents that from happening, one spouse may be able to sign for the other or get a power of attorney. Service members may want to consult with their installation's legal office to see if a power of attorney is right for them.

• Reserve and National Guard travel: Members of a reserve component of the Armed Forces may be able to deduct their unreimbursed travel expenses on their return. To do so, they must travel more than 100 miles away from home in connection with their performance of services as a member of the reserves.

• ROTC allowances: Some amounts paid to ROTC students in advanced training are not taxable. However, active-duty ROTC pay is taxable. This includes things like pay for summer advanced camp.

Time is running out, make sure you get it done!!!

Taxpayers should file their tax return on time to avoid costly interest and penalty fees

Taxpayers should file their tax return by the deadline even if they cannot pay their full tax bill. Taxpayers who owe tax and don't file on time, may be charged a failure-to-file penalty. This penalty is usually five percent of the tax owed for each month, or part of a month that the tax return is late, up to 25%.

If an individual taxpayer owes taxes, but can't pay in full by the April 18, 2022, deadline, they should:

File their tax return or request an extension of time to file by the April 18 deadline.

People who owe tax and do not file their return on time or request an extension may face a failure-to-file penalty for not filing on time.
Taxpayers should remember that an extension of time to file is not an extension of time to pay. An extension gives taxpayers until October 17, 2022, to file their 2021 tax return, but taxes owed are still due April 18, 2022.

Just when you thought you your foreign income was untouchable, Think again.

A U.S. citizen or resident alien’s worldwide income is generally subject to U.S. income tax, regardless of where they live. They’re also subject to the same income tax filing requirements that apply to U.S. citizens or resident aliens living in the United States.

U.S. citizens and resident aliens must report unearned income, such as interest, dividends, and pensions, from sources outside the United States unless exempt by law or a tax treaty. They must also report earned income, such as wages and tips, from sources outside the United States. An income tax filing requirement generally applies even if a taxpayer qualifies for tax benefits, such as the Foreign Earned Income Exclusion or the Foreign Tax Credit, which substantially reduce or eliminate U.S. tax liability. These tax benefits are only available if an eligible taxpayer files a U.S. income tax return.

A taxpayer is allowed an automatic 2-month extension to June 15 if both their tax home and abode are outside the United States and Puerto Rico. Even if allowed an extension, a taxpayer will have to pay interest on any tax not paid by the regular due date of April 18, 2022.

Those serving in the military outside the U.S. and Puerto Rico on the regular due date of their tax return also qualify for the extension to June 15. IRS recommends attaching a statement if one of these two situations apply. More information can be found in the Instructions for Form 1040 and 1040-SR, Publication 54, Tax Guide for U.S. Citizens and Resident Aliens Abroad and Publication 519, U.S. Tax Guide for Aliens.

Reporting required for foreign accounts and assets
Federal law requires U.S. citizens and resident aliens to report their worldwide income, including income from foreign trusts and foreign bank and other financial accounts. In most cases, affected taxpayers need to complete and attach Schedule B to their tax return. Part III of Schedule B asks about the existence of foreign accounts, such as bank and securities accounts, and usually requires U.S. citizens to report the country in which each account is located.

In addition, certain taxpayers may also have to complete and attach to their return Form 8938, Statement of Foreign Financial Assets. Generally, U.S. citizens, resident aliens and certain nonresident aliens must report specified foreign financial assets on this form if the aggregate value of those assets exceeds certain thresholds. See the instructions for this form for details.

Further, separate from reporting specified foreign financial assets on their tax return, taxpayers with an interest in, or signature or other authority over foreign financial accounts whose aggregate value exceeded $10,000 at any time during 2020, must file electronically with the Treasury Department a Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts (FBAR). Because of this threshold, the IRS encourages taxpayers with foreign assets, even relatively small ones, to check if this filing requirement applies to them. The form is only available through the BSA E-filing System website.

The deadline for filing the annual Report of Foreign Bank and Financial Accounts (FBAR) is the same as that of Form 1040. FinCEN grants filers who missed the original deadline an automatic extension until October 15, 2022, to file the FBAR. There is no need to request this extension.

Just in case you were wondering if Crypto Currency was not taxable.
IRS thinks differently!!!
Understand virtual currency reporting and tax requirements
The IRS reminds taxpayers that once again there is a question at the top of Form 1040 and Form 1040-SR asking about virtual currency transactions. All taxpayers filing these forms must check the box indicating either “yes” or “no.” A transaction involving virtual currency includes, but is not limited to:

The receipt of virtual currency as payment for goods or services provided;
The receipt or transfer of virtual currency for free (without providing any consideration) that does not qualify as a bona fide gift;
The receipt of new virtual currency as a result of mining and staking activities;
The receipt of virtual currency as a result of a hard fork;
An exchange of virtual currency for property, goods or services;
An exchange/trade of virtual currency for another virtual currency;
A sale of virtual currency; and
Any other disposition of a financial interest in virtual currency.
If an individual disposed of any virtual currency that was held as a capital asset through a sale, exchange or transfer, they should check “Yes” and use Form 8949 to figure their capital gain or loss and report it on Schedule D (Form 1040).

If they received any virtual currency as compensation for services or disposed of any virtual currency they held for sale to customers in a trade or business, they must report the income as they would report other income of the same type (for example, W-2 wages on Form 1040 or 1040-SR, line 1, or inventory or services from Schedule C on Schedule 1). More information on virtual currency can be found in Instruction for Form 1040 and on IRS.gov.

WHRE'S MY REFUND?????

Tax Time Guide: Use the ‘Where’s My Refund?’ tool or IRS2Go app to conveniently check tax refund status

IR-2022-43, Feb. 24, 2022

WASHINGTON – The Internal Revenue Service reminds taxpayers today that the fastest and easiest way to check on tax refunds is by using the “Where's My Refund?” tool on IRS.gov or through the IRS2Go mobile app.

This year, more than ever before, those who don’t normally have to file a tax return may wish to do so to get child-related tax credits that were expanded by the American Rescue Plan. These include the Child Tax Credit and the Child and Dependent Care Credit.

Refund updates

Filing electronically and using direct deposit is the safest and fastest way to file an accurate return and receive a tax refund. Taxpayers can use "Where's My Refund?" to start checking their refund status within 24 hours after an e-filed return is received or four weeks after the taxpayer mails a paper return.

The tool's tracker displays progress through three phases:

Return Received,
Refund Approved and
Refund Sent.

Refund timing

Most tax refunds are issued within 21 days, however, some may take longer. There are several reasons this can happen:

The return includes a claim for the Earned Income Tax Credit or Additional Child Tax Credit.
The time between the IRS issuing the refund and the bank posting it to an account may vary since many banks do not process payments on weekends or holidays.
The return may require additional review.
The return may include errors or be incomplete.
The return could be affected by identity theft or fraud.

The IRS will contact taxpayers by mail if more information is needed to process a return.

Earned Income Tax Credit and the Additional Child Tax Credit

Due to changes to the tax law made by the Protecting Americans from Tax Hikes Act (PATH Act), the IRS can’t issue Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) refunds before mid-February. This includes the entire refund, not just the part that’s related to the credit claimed on a tax return.

"Where’s My Refund?" and IRS2Go are updated for most early EITC/ACTC filers with an estimated deposit date by February 19, if they file their taxes early.

If a filer claimed the EITC or the ACTC, they can expect to get their refund March 1 if:

They file their return online,
They choose to get their refund by direct deposit and
No issues were found with their return.

Ignore refund myths

Some taxpayers mistakenly believe they can expedite their refund by ordering a tax transcript, calling the IRS or calling their tax preparer. Ordering a tax transcript will not help a taxpayer get their refund faster or find out when they'll get their refund. The information available on “Where's My Refund?” is the same information available to IRS telephone assistors.

Taxpayers can find answers to questions, forms and instructions and easy-to-use tools at IRS.gov. This news release is part of a series called the Tax Time Guide, a resource to help taxpayers file an accurate tax return. Additional help is available in Publication 1

Hot off the press IRS
Tips for parents who share custody or alternate tax benefits

Some parents who have a legal agreement with their child’s other parent about who claims the child on their taxes may have some questions this tax season about the child tax credit and the 2021 recovery rebate credit. Here’s what people in this situation need to know before filing their 2021 federal tax return.

Economic Impact Payments and the Recovery Rebate Credit
The third Economic Impact Payment was an advance payment of the 2021 recovery rebate credit. The IRS used taxpayers’ 2020 or 2019 tax information to determine eligibility and amounts. Here’s what this means for people who share a qualifying dependent:

• If an eligible taxpayer did not receive a third-round Economic Impact Payment for a qualifying dependent they will claim on their 2021 tax return, they can claim the 2021 recovery rebate credit, regardless of any Economic Impact Payment the other parent received.

• If a taxpayer received a third-round Economic Impact Payment for a dependent they won’t claim on their 2021 tax return, they are not required to pay back all or part of the Economic Impact Payment if, based on the information reported on their 2021 tax returns, they should have received less.

Child Tax Credit
The IRS determined who received 2021 advance child tax credit payments based on the information on taxpayers’ 2020 tax returns, or their 2019 return if the IRS hadn’t processed the 2020 return. In other words, the parent who claimed the Child Tax Credit for a qualifying child on their 2020 return would have received the advance child tax credit payments in 2021. Here’s what that means for these parents:

• Families who knew they would not claim a child on their 2021 return had the option to unenroll from receiving monthly payments by using the Child Tax Credit Update Portal at IRS.gov. People who did not unenroll and received monthly payments during 2021 for a child they won’t claim on their 2021 tax return could have to repay those payments when they file. They may be excused from repaying some or all of the excess amount if they qualify for repayment protection.

• An eligible parent who did not receive advance payments for a qualifying child will be able to claim the full amount of the child tax credit for that child on a 2021 tax return even if the other parent received advance child tax credit payments.

Get the correct information to file an accurate return
Taxpayers who received these advance credits in 2021 need to compare the total amount they received with the amount they’re eligible to claim. Individuals can view the total amount of their payments through their individual Online Account. If spouses received joint payments, each of them will need to sign into their own account to retrieve their separate amounts.