As we leave 2018, we're pretty pumped for all the brand-spankin'-new fashion that's to come in the new year. 'Cuz the best part about hitting refresh on your wardrobe is racking up the style points, amirite? While there may be certain fads that refuse to die (cough, ugly sneakers, cough), you can rest easy knowing there's a fresh crop of fashion buys just waiting to hit your closet. Swipe through for the five fashion trends for 2019 that are already in stores and ready to be purchased. Pssst: We're telling you now, so that you can get ahead of the pack.
Bike Shorts: Biker shorts, cycling pants — call 'em whatever you want. Just know that this polarizing street-turned-runway trend (as spotted at Chanel and Fendi) is sticking around for spring. Put them to work with an oversized rainbow knit sweater or channel Princess Diana with a slouchy sweatshirt, tube socks, and dad trainers. (Photo via Christian Vierig/Getty)
Fleur du Mal Knit Bike Shorts ($295): Get ready for these hot pink knit bike shorts to accompany you from barre to brunch.
Onzie High-Rise Bike Short ($56): Trying, but not trying too hard is the vibe of the weekend. Teeny-tiny Matrix shades may be required.
Fluoro Brights: If Tibi and Prabal Gurung's spring collections are any indication, then your future is looking very bright. Make a loud and proud entrance this winter with a fluorescent pink topper or anchor an all-black ensemble with just a hint of neon — as exhibited by this off-duty model. (Photo via Melodie Jeng/Getty)
J.Crew Collection Full-Length Wide-Leg Pant in Satin Crepe ($158): Yup, these wide-leg pants from J.Crew — peep the Living Coral shade — are just as dreamy and CEO-approved as they look.
Wandler Anna Two-Tone Neon Leather Belt Bag ($595): Cinch this neon-green belt bag around a glen plaid blazer for a Cher Horowitz spin.
Puffy Outerwear: Behold, a trend that's not only practical (hellooo, single-digit commutes) but also totally stop-and-stare-worthy. We think this influencer got the memo with a green padded gingham coat and matchy-matchy shorts. (Photo via Christian Vierig/Getty)
Moschino x H&M Short Padded Jacket ($199): Cropped and ready to mingle, this extra AF red padded jacket encapsulates everything that we love about the '90s.
Rachel Antonoff Peggy Puffer in Jade ($398): Fancy that! This jade velvet puffer has arrived just in time for NYE.
Tie-dye: Going hand in hand with your beloved acid wash jeans from the '90s, tie-dye 2.0 will have you tapping your inner haute hippie this spring. Less Coachella and more California-cool, the psychedelic print is looking all grown up this season. (Photo via Matthew Sperzel/Getty)
Free People Dippy Anklet ($12): Ease into the multi-colored madness with an anklet sock and chunky sneakers.
Topshop Tie Dye Satin Bias Midi Skirt ($68): Who said tie-dye had to be reserved for the weekend anyway? Team this satin midi skirt with a mock-neck sweater and ankle booties for a swift after-hours update.
Cardigans: Once relegated to granny status, cardigans have never been more in vogue. And we have fashion mavens like Leandra Medine to thank for that. She teams the season's pièce de résistance alongside a black blazer, ankle-slit trousers, and clogs for a defining lewk. (Photo via Christian Vierig/Getty)
Kate Spade Embellished Cable Cardigan ($328): This slightly shrunken cable-knit cardigan featuring bejeweled buttons calls for a frilly collar.
Kule The Greyson Navy Cardigan ($348):
You'll be the cool kid on the block with this OG style grandpa cardigan on standby.
For many of us, 2018 was a doozy, but we here at Brit + Co are ready to hit refresh in 2019! Follow our Hit Refresh series through January and February for new ideas, hacks, and skills that will help you achieve (and maintain!) those New Year’s resolutions.
For many of us, 2018 was a doozy, but we here at Brit + Co are ready to hit refresh in 2019! Follow our Hit Refresh series through January and February for new ideas, hacks, and skills that will help you achieve (and maintain!) those New Year’s resolutions.
Which of these fashion trends will you be test-driving in 2019? Follow us on Pinterest for more style inspo!
For many of us, 2018 was a doozy, but we here at Brit + Co are ready to hit refresh in 2019! Follow our Hit Refresh series through January and February for new ideas, hacks, and skills that will help you achieve (and maintain!) those New Year’s resolutions.
For many of us, 2018 was a doozy, but we here at Brit + Co are ready to hit refresh in 2019! Follow our Hit Refresh series through January and February for new ideas, hacks, and skills that will help you achieve (and maintain!) those New Year’s resolutions.
Which of these fashion trends will you be test-driving in 2019? Follow us on Pinterest for more style inspo!
Brit + Co may at times use affiliate links to promote products sold by others, but always offers genuine editorial recommendations.
Welcome to Selfmade Finance School, our new money series with Block Advisors to help small business owners with their tax, bookkeeping, and payroll needs year-round. This week, we explore the tax implications of bringing family members into your business.
The question for today is this: Does hiring your family members make sense for your business? Let me be clear. This is not a piece about whether hiring your family members makes sense for your relationships with those family members. As someone who is part of a family business, I could fill up a lot more than 600 words on my opinions about that. For today's purposes, we focus on whether it makes sense from an overall "good business and tax implication" perspective. As it turns out, there is a decent amount of tax nuance when it comes to employing your family. Let's break it down based on relationship to the employee:
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Spouses Who Are In Business Together
Personally, if I had to be in business with my husband, it would not go well. However, many couples build viable, strong businesses together and I say, good for them! Depending on how you have your business entity structured, it will make a big difference on the tax treatment of you and your spouse working as partners. Because a business jointly owned and operated by a married couple is generally treated as a partnership for Federal tax purposes, the spouses must comply with filing and record keeping requirements imposed on partnerships and their partners. The election to file two Schedule C (Form 1040) forms, (one for each spouse) permits certain married co-owners to avoid filing partnership returns, provided that each spouse separately reports a share of all the businesses' items of income, gain, loss, deduction, and credit. Under the election, both spouses will be subject to self-employment tax and on net earnings from self-employment and receive credit for Social Security earnings.
One Spouse Employs Another
If you have a dynamic where your spouse is an employee of your business, then your spouse's wages are subject to income tax withholding, Social Security and Medicare taxes. If you are self-employed (not a corporation or a partnership), your spouse's pay does not have to be included in your federal unemployment tax account (FUTA) contributions and payments. However, if your business is a corporation or a partnership you must include that spouse's pay in your unemployment tax contribution calculation.
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You Employ Your Child
First, let's be clear. I work in my family business, but I am an adult, so I am treated just like a normal employee. However, if you, for example, run a family restaurant and want to hire your children under 18 to work for you, there are some tax benefits. But first, you should check with your state for rules on how many hours minors can work (in non-agricultural jobs) and reference the Fair Labor Standards Act for information on limitations on the kinds of work children can perform.
"This is an often overlooked or under-utilized strategy. Paying your children for true services they provide in your business can be a powerful tax-saving tool," says Cathi Reed, Block Advisors Regional Director. "If you are a sole-proprietorship or single member LLC, and the child is less than 18 years of age, the business is not required to withhold FICA or payroll taxes. The child can use his or her standard deduction against income you pay."
You Hire Your Parent
Oh dear. If you are brave enough to do this, know that you will need to pay Social Security and Medicare taxes on your parent's wages and make the appropriate withholdings, but you don't have to pay unemployment taxes. Now all you have to do is convince your parent that you are the boss. Have fun with that!
Is Hiring Family Members Worth It For The Tax Benefits?
"There are some positive tax advantages to hiring family members. It's important to treat a family member like any other employee. Hiring your children can result in substantial savings for businesses. Make sure your child has real, age-appropriate work to do and a reasonable pay rate, comparable to other employees. Consult with a Block Advisors small business certified tax pro to ensure that you are complying with all requirements," advises Reed. "Block Advisors, a team within H&R Block, is dedicated to meeting the tax, bookkeeping and payroll needs of small business owners year-round. To start working with the tax experts at Block Advisors, visit blockadvisors.com."
In my opinion, you should not hire a family member solely because of the tax benefits. You should always hire based on whether that person is right for the job and keep in mind how this hire could materially impact your relationship with that person and others in your family. Finally, as I mentioned, make sure you have a tax professional on your team when making these determinations. As you can see, things can get a little tricky!
*All details were sourced from IRS.gov and blockadvisors.com
The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regards to your individual situation. Comments concerning the past performance are not intended to be forward looking and should not be viewed as an indication of future results. Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. O'Keeffe Financial Partners and any other entity listed herein is not affiliated with Kestra IS or Kestra AS Investor Disclosures: https://bit.ly/KF-Disclosures