5 Times This Presidential Election Was SO 2016 It Was Crazy
It feels like the 2016 election has been going on for 17 years. Can you believe that Hillary Clinton and Donald Trump only *officially* became the (historic, natch) Democratic and Republican presidential candidates in July? Yeah. Us either.
1. Delete your account. Back in June, Hillary’s team demonstrated their mastery of social media use in her campaign with just three simple words: “Delete your account.” The common social media phrase took on a whole new life when used as a response to Trump’s tweet about President Obama endorsing Hillary, in which he took the time to call her crooked, because of course he did. It quickly became boss B Hillary’s most retweeted tweet. It was epic.
— Hillary Clinton (@HillaryClinton) July 21, 2016
2. The Trump Yourself Tool: Hillary’s team further proved their social media strategy with the release of Trump Yourself in July. Honing in on Facebook users’ love of applying a filter over their profile picture to support trending world events or causes, the Trump Tool isolates identifying elements such as whether you’re a woman or are gay, as examples, and applies quotes or viewpoints Trump has expressed. SPOILER: He has said some pretty awful things.
3. The Selfie Picture: Everyone immediately jumped all over this photo as a terrible example of society and the state of politics in the year 2016. The photo, it turns out, was staged, to a degree. “There were 500 people [in that overflow room] that couldn’t fit in the main event so she went and visited them in an adjacent room afterwards,” a spokesman for Hillary’s campaign told TIME. Clinton suggested they take a group selfie, and Barbara Kinney, her staff photographer, captured the poignant moment.
— The Yuppie Yinzer (@TheYuppieYinzer) September 27, 2016
4. The Great Snapchat Debate: Anyone can be *on* Snapchat (which Hillary has been since last summer), or have custom geofilters (which both campaigns have done), but are you even anyone at all until the whole world has put a Snapchat filter on your face? If you checked your Snap stories the night of or the day after the very WTF debate, it was filled with these.
5. MEMES GALORE: Of course, this isn’t the first election to be memeified. Not even close. But you can tell we’re in the thick of 2016 by the sheer volume and rapidity of the memes during this campaign. Of course, Trump’s hair has been a big one.
And who could forget this fake campaign poster meme? It seemed like it was EVERYWHERE at the beginning of 2016. (Image via Imgur)
The debate on Monday night has already proved a treasure trove of memes. Like Trump’s sniffling. (Image via Imgur)
Trump sniffles and interruptions: The Supercut. https://t.co/j3FwOVBM0A
— Gillian Brockell (@gbrockell) September 27, 2016
And Hillary’s shimmy.
— ElSassyPants (@KatieElsaesser) September 27, 2016
And, of course, that SMIRK.
Yup, that's me
You're probably wondering how I ended up in this situation pic.twitter.com/wGArnNx6qE
— Hanif Abdurraqib (@NifMuhammad) September 27, 2016
What will the next month have in store? We’re here for it, whatever it is.
What do you think of the modern memefied take on the election? Let us know @BritandCo.
(Featured photo via Drew Angerer/Getty)
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:
You X Ventures for Unsplash
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.
Kobu Agency for Unsplash
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