9 Crowdfunds to Spend Your Moola on This Week
We love supporting creatives and makers of all kinds, which is why we’re a tad addicted to scrolling through all the newly released Kickstarter and Indiegogo projects. After scoring big with last week’s hot crowdfunds, we’re pumped to explore even more maker-approved goodies this side of Sunday. Without further ado, here are this week’s 10 coolest crowdfunds.
1. SproutsIO: Don’t worry, we’ve all killed that one supposedly no-maintenance succulent. For those lacking in the gardening department, this new tech is definitely a must. SproutsIO is a high performance system that makes growing produce ridiculously simple — we’re serious, all you have to do is follow the easy app-synched guide.
2. DistractaGone: For the girl who’s always on her phone at inappropriate or inconvenient times (AKA your bestie’s birthday dinner or during that mega important meeting) this cool lockbox just might be a lifesaver. Just put your cell phone in the box, set the timer and have a few hours of tech-free bliss.
3. Podo: There are a TON of camera gadgets we’d love to hoard at the moment, but this techy app-controlled, stick-anywhere camera is definitely earning a coveted spot on our Christmas list. Take note, Santa!
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Holscher from Collection 1.2 will be available on Kickstarter soon and is great for adding some color to your summer outfits ☀️ #uru #solosocks #newcollection #1.2 #holscher #organiccotton #danishdesign #tonesofblue #sockgamestrong #matching #colors #style #fashion #summerlook
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4. SOLOSOCKS: When there’s a hole in one of our socks, we discard the pair… even when that means throwing away one perfectly good sock. SOLOSOCKS aims to fix this problem by creating sets of different but matching single socks.
5. PinBox 3000 and Gamechanger: Old-school pinball machines are awesome, but most of us don’t have the hundreds of dollars it takes (and the ample space needed) to own one ourselves. Luckily, this $28 alternative exists, and our inner fangirls are screaming.
6. The Rwanda Craft Brewery Project: Josephine “Fina” Uwineza, a Rwandan woman who just happens to be a girlboss entrepreneur AND a high-profile restaurant owner, is trying to establish a woman-owned and operated craft brewery in Kigali, Rwanda. Inspirational lady leaders and delicious brews? Consider us sold.
7. Glance Clock: By syncing the information from your phone, wearable and smart-home devices, this cool clock displays valuable notifications that you actually want to read. It’s basically Molly Weasley’s clock in the Harry Potter books and, yes, we’re obsessed.
8. The Sikh Project Book: After the incredible success of their beautifully bearded Sikh men photography series, the Sikh Project team is now back on Kickstarter to raise funds to put all of their awe-inspiring portraits into a gorgeously bound book.
9. Boolean Box: This build-it-yourself computer and electronics kit teaches girls ages eight and up to code, build and invent the future. Complete with software, mouse and keyboard, all you need is a connection to an HDMI-capable TV and your kiddo will be well on their way to running the world.
Are you funding any crowdfunds at the moment? Tweet us by mentioning @BritandCo.
Brit + Co may at times use affiliate links to promote products sold by others, but always offers genuine editorial recommendations.
(Feature image via Sgnl)
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