When it comes to retirement planning, it can sometimes help to think outside the box. That’s exactly what the subjects of this week’s article, accountant Angelyn Burke (one of our favorite kinds of people) and her husband Richard, did when they made the decision to retire on a cruise ship.

This brief article lays out the fundamentals of new Ohio legislation on what activities can receive overtime pay. The law went into effect on July 6th of this year. It is a good starting point for anyone who employs hourly employees or is one themself, especially if there is frequent overtime.

This year, Uncle Sam will take his cut of the past year’s earnings on May 17, slightly later than usual due to the COVID-19 pandemic. Many taxpayers are undoubtedly wondering how this year’s Tax Day will affect their finances, as a lot of people are struggling financially as a result of the pandemic.

We all know one or more elders that have been preyed on in one fashion or another. It happens all the time. Some attorneys even specialize in defending their elderly clientele against these predators, who come in all shapes and sizes. Sometimes, a predator is a stranger who becomes embedded in the senior’s life in the form of “a new caregiver, a friend, a romantic interest or even as a financial adviser.”

The Internal Revenue Service just announced that they are increasing the mileage rate for the remainder of the year starting July 1st. Please see the changes in the below table and update your records accordingly.

We all complain about the crazy and sometimes foolish behavior of the Internal Revenue Service. But, other taxing entities such as states, school districts and municipalities can be just as bad. These other taxing entities have no qualms in spending $100 to collect $10 in extra taxes. They are also quick to charge interest and penalties on anything and everything.