News

Standard business mileage rate to go up in 2022

Standard business mileage rate to go up in 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...

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Increase Coming for Illinois Minimum Wage

Increase Coming for Illinois Minimum Wage

The minimum wage in Illinois is set to increase another dollar on Saturday, January 1, 2022. The new wage will be $12 an hour. Governor JB Pritzker signed legislation in 2019 putting the state on the path to a $15 an hour minimum wage by 2025. There have been three...

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Celebrating 25 Years Together

Celebrating 25 Years Together

This October 31st, Managing Partner Ron Austin celebrates his 25th year at the firm. We here at MMA are grateful for everything that he does and look forward to working with him for many years to come!

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Selling a Home: Will You Owe Tax on the Profit?

Selling a Home: Will You Owe Tax on the Profit?

Many homeowners across the country have seen their home values increase recently. According to the National Association of Realtors, the median price of homes sold in July of 2021 rose 17.8% over July of 2020. The median home price was $411,200 in the Northeast,...

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Employee Retention Credit Update

Employee Retention Credit Update

In 2020, when Congress passed the CARES Act, they provided a refundable payroll tax credit for 50% of qualified wages and allocable health plan costs called the Employee Retention Credit (ERC). For 2020 the maximum credit was...

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