10 Must-Have Phone Accessories With Serious Style
Modern-day technology is truly amazing. There are apps to help you become a better driver, devices for perfecting your bartending skills and new smartphone upgrades coming out faster than you can blink. With our phones, laptops + wearables always on hand, it only makes sense that we’d want them to look as good as our outfits do. We’re sharing 10 tech-ccessories to help you achieve all your gadget style goals.
1. Boss iPhone Case by WhitV ($30): Protect your phone in true #girlboss style with this slim fit case.
2. Wide Angle/Macro Lens ($20): If you’re always snapping pics with your phone, this wide angle + macro lens attachment is a total must-have. Take your Insta pics to the next level and surprise everyone with your professional-looking pics.
3. Sushi iPhone Case by Kristin Nohe ($30): Foodies: This is your perfect phone case. Just try not to drool on it when you’re ogling the sushi ;)
4. Florabunda Mobile Charger ($30): This handy dandy little device will keep your smartphone charged up on the go. How’s that for flower power?
5. Smartphone Projector ($27): Use this vintage-style projector to watch movies and viral videos with the whole crew — no more crowding around that tiny smartphone screen.
6. MacBook Sleeve: Painted Protea by Micklyn ($60): Keep the summer vibes alive all year long with this laptop sleeve.
7. Get Sh*t Done iPhone Case by Startup Genius ($30): Whether you’re a dreamer or go-getter, sometimes we all need a strongly worded reminder to get out there and DO IT!
8. Nebula Galaxy Apple Watch Band by Rex Lambo ($70): This space-print Apple Watch band is pretty outta this world, if we do say so ourselves.
9. Giant Gem Speaker ($40): Plug this little beauty into your smartphone or laptop and get the party jams bumpin’.
10. I Am Very Busy iPhone 6 Case ($26): Dress your iPhone in a case that’s guaranteed to ward off any unwanted chit-chatters. After all, you are VERY busy!
Which tech accessory on our list is your fave? Let us know in the comments.
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