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monthly news & updates

January 2022

A Message About Operations

During this time, Laciak>cpa is pleased to offer services via Conference Call and Zoom.

Should you have any questions, you can reach us by email at info@laciak.com, or call us at 219-864-7000.

Pay By Check

You can now pay your Laciak>cpa invoices quickly and conveniently online using a check or credit card. Visit https://www.laciak.com/pay/.

2021 Tax Organizers

1040 Tax organizers for the 2021 have been mailed or emailed to you. If you have not yet received yours, please contact our office.

If your information has changed in the last year, please let us know. This includes your mailing address, email address, phone number or a change in filing status. Contact info@laciak.com or call us at 219-864-7000.

Tax Filing Documents

Clients are encouraged to send outstanding tax documents by UPS, Fed Ex or USPS – Mail to Laciak Accountancy – 56 S Washington Street 2nd Floor, Valparaiso, IN 46383.

Alternatively, clients can fax documents to 219-242-8819 or send the documents via secure email. Please contact our office (219-864-7000) so that we can send you the secure email.

If you are dropping off outstanding tax documents at our offices, we ask that you please call us ahead of time, and wear a mask when you visit.

Thank you for your cooperation and support!

Medical Expense Tax Deductions

You may pay out a bundle in out-of-pocket medical costs each year. But can you deduct them on your tax return? It’s possible but not easy. Medical expenses can be claimed as a deduction only to the extent your unreimbursed costs exceed 7.5% of your adjusted gross income. Plus, medical expenses are deductible only if you itemize, which means that your itemized deductions must exceed your standard deduction.

Qualifying costs include many items other than hospital and doctor bills. Here are some items to take into account in determining a possible deduction:

Insurance premiums. The cost of health insurance is a medical expense that can total thousands of dollars a year. Even if your employer provides you with coverage, you can deduct the portion of the premiums you pay. Long-term care insurance premiums also qualify, subject to dollar limits based on age.

Transportation. The cost of getting to and from medical treatment is an eligible expense. This includes taxi fares, public transportation or using your own car. Car costs can be calculated at 18 cents a mile for miles driven in 2022 (up from 16 cents in 2021), plus tolls and parking. Alternatively, you can deduct your actual costs, including gas and oil, but not general costs such as insurance, depreciation or maintenance.

Therapists and nurses. Services provided by individuals other than physicians can qualify if they relate to a medical condition and aren’t for general health. For example, the cost of physical therapy after knee surgery would qualify, but the costs of a personal trainer to tone you up wouldn’t. Also qualifying are amounts paid to a psychologist for medical care and certain long-term care services required by chronically ill individuals.

DID THE STANDARD BUSINESS MILEAGE RATE GO UP FOR 2022?

After two years of no increases, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2022 by 2.5 cents per mile. The IRS recently announced that the cents-per-mile rate for the business use of a car, van, pickup or panel truck will be 58.5 cents (up from 56 cents for 2021).

Q1 SMALL BUSINESS TAX DEADLINES

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.