Attention all moms! Back-to-school season is upon us and as always, there is probably a lot to do. Your kids’ summer schedules are still in full swing but it’s also time to prepare for the coming school year. Moms, we all know you are superheroes, but even superheroes need secret weapons to help them get through each day.
One tool we all love here at Brit + Co is the trusty planner which is why we are beyond excited to present our own line of planners at Target (available in-store and online, hooray!). The planners are fully customizable with an array of inserts and accessories to make yours fit your every need. Read on to see the top five must-have planner accessories that will help you stay organized this back-to-school season.
FEATURED PRODUCTS
<b> Brit + Co® Coloring Page Inserts ($3)</b>
Yeah, kids have phones and tablets and such, but there’s nothing quite like coloring on paper. Instead of toting a coloring book around all the time, add these coloring page inserts in your planner for an on-the-go activity. Next time you and your kids are at a doctor’s office or even worse, the DMV, and are bounded to wait for a bit, whip out your planner and colored pencils to help pass the time.
<b> Brit + Co® Calendar Page Inserts ($3)</b>
Monthly calendar pages are an obvious necessity for planners. We especially love these inserts because they come blank so you can start a planner any month of the year. As a mom, you’re juggling multiple people’s schedules as well as your own. Use different colored highlighters and markers for each family member’s schedule to help manage everything.
<b> Brit + Co® Dry Erase Board Insert ($2)</b>
Having a lightweight dry erase board in your planner is one of those things that you never thought you needed until you got one. Use the board as a to-do list, a meal-prep chart or just as a fun place to doodle. No matter what you write on it, you can always erase and start again.
<b> Brit + Co® Pocket Folder Inserts ($4)</b>
Pockets make everything better, from clothing to planners. Snap these pocket folder inserts in your planner to store receipts of things you need to return, notes from your kids or letters you need to mail out.
<b> Brit + Co® Mini Washi Tape ($6)</b>
What a wonder washi tape is. The Brit + Co Washi Tape sets are oh so cute. Print out your favorite family photos of the summer and use washi tape to attach and frame them to your planner. When life gets busy and your planner is packed with to-dos, turn to the pages of photos to remember happy memories.
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
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