If you thought the rebellious '90s were dead, you're sorely mistaken. In 2018, we saw the resurgence of not only fugly dad sneakers but also Cher Horowitz-inspired plaid and bum-worthy belt bags. What can we say? Sometimes a fad really does get better the second time around. Swipe through for all the angsty '90s-approved FASHUN (the good, the bad, the ugly) that we low-key couldn't get enough of.
Cher Horowitz Plaid: Clueless-inspired ensembles — matchy-matchy plaid co-ords, anyone? — became the uniform of choice among influencers. Odds are, an iconic Dior saddle bag and retro-fabulous shades weren't too far behind. (Photo via Christian Vierig/Getty)
New Look Tailored Coat in Mustard Plaid ($64): As if we'd turn down the chance to bring Cher's signature tartan into 2019.
Ugly Sneakers: Love 'em or hate 'em, Balenciaga's Triple S trainers single-handedly put ugly dad sneakers back on the grid. During fashion month, we saw them teamed with everything from prairie dresses to vinyl pants and mixed-media outerwear. (Photo via Christian Vierig/Getty)
KOIO Avalanche Blue/Yellow Sneakers ($298): Easy on the wallet and eyes, the KOIO Avalanche runner would put your dad's old Filas to shame. Bonus points for the extra-bouncy sole and retro design.
Combat Boots: Despite its ubiquitous status, this grunge-era staple shows no sign of slowing down. Usher the lewk into 2019 — as per this model off-duty — with a leather moto jacket and mom jeans. (Photo via Vanni Bassetti/Getty)
Dr. Martens Jadon Black Polished Smooth Combat Boots ($180): Ten-hut! A pair of heavy-duty OG Doc Martens will never steer you wrong.
Scrunchies: Our favorite It girl, Susie Bubble, proved to be light-years ahead of the sartorial curve with her poised topknot and souped-up scrunchie. (Photo via Pascal Le Segretain/Getty)
J.Crew Gold Hair Tie ($17): Spiff up your next lazy-girl updo with a gold hair tie for instant pizzazz.
Rubber Pool Slides: No longer just a poolside staple, sporty rubber slides were paired with, well, everything. Boho-fabulous frocks, track pants, boyfriend jeans, and tube socks — you name it. (Photo via Christian Vierig/Getty)
Adidas Originals Adilette Slide ($45): Slide into the weekend with a sexy slip dress and Adidas slides for around-the-clock slayage.
Belt Bags: Werk. Luxury belt bags — just big enough to hold all your ish — took Paris Fashion Week by storm. (Photo via Claudio Lavenia/Getty)
OAD New York Mini Messenger Belt Bag in Bordeaux ($215): Look, Ma, no hands! Cinch this bordeaux-hued mini belt bag around the waist of a glen plaid coat for a hassle-free commute.
Denim Overalls: You got it, dude! Season-less dungarees were the real hero piece of NYFW. (Photo via Melodie Jeng/Getty)
Eve Denim Olympia Denim Overalls ($395): Reclaim your youth with an enviable Ganni sweater and vintage-inspired denim overalls that would do Alexa Chung proud.
Which of these ’90s-approved fashion trends did you rock in 2018? Follow us on Pinterest for more style inspo!
Which of these ’90s-approved fashion trends did you rock in 2018? Follow us on Pinterest for more style inspo!
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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