monthly news & updates
October 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 Online By Check

You can now pay your Laciak>cpa invoices quickly and conveniently online using a check or credit card.

For all mail correspondence, please use our Valparaiso office address:

Laciak Accountancy Group
56 S Washington Street 2nd Floor, Valparaiso, IN 46383

Schererville Office Hours

If you are planning to visit our Schererville office, we ask that you please call us ahead of time.

Internship & Career Opportunities

Interested in learning more about internship and career opportunities at Laciak>cpa?
  • Call us at 219-864-7000
  • Email info@laciak.com, or visit
Tax and Other Financial Consequences of Tax-Free Bonds
If you’re interested in investing in tax-free municipal bonds, you may wonder if they’re really free of taxes. While the investment generally provides tax-free interest on the federal (and possibly state) level, there may be tax consequences. Here’s how the rules work.

Purchasing a bond 
If you buy a tax-exempt bond for its face amount, either on the initial offering or in the market, there are no immediate tax consequences. If you buy such a bond between interest payment dates, you’ll have to pay the seller any interest accrued since the last interest payment date. This amount is treated as a capital investment and is deducted from the next interest payment as a return of capital.

Interest excluded from income 
In general, interest received on a tax-free municipal bond isn’t included in gross income although it may be includible for alternative minimum tax (AMT) purposes. While tax-free interest is attractive, keep in mind that a municipal bond may pay a lower interest rate than an otherwise equivalent taxable investment. The after-tax yield is what counts.

In the case of a tax-free bond, the after-tax yield is generally equal to the pre-tax yield. With a taxable bond, the after-tax yield is based on the amount of interest you have after taking into account the increase in your tax liability on account of annual interest payments. This depends on your effective tax bracket.

INVESTING IN THE FUTURE WITH A 529 EDUCATION PLAN
If you have a child or grandchild who’s going to attend college in the future, you’ve probably heard about qualified tuition programs, also known as 529 plans. These plans, named for the Internal Revenue Code section that provides for them, allow prepayment of higher education costs on a tax-favored basis.
WHAT LOCAL TRANSPORTATION COSTS CAN YOUR BUSINESS DEDUCT?
You and your small business are likely to incur a variety of local transportation costs each year. There are various tax implications for these expenses.

First, what is “local transportation?” It refers to travel in which you aren’t away from your tax home (the city or general area in which your main place of business is located) long enough to require sleep or rest.
Laciak Accountancy Group | www.laciak.com