
We’ve all been there. So much work to do from home, so little motivation. (Netflix addiction is a real thing.) But what if you had a super cool home office that just oozed with creativity? These 15 spaces are so amazing, we definitely wouldn’t mind clocking in after hours if they were ours. It just goes to show, your work space is a lot more than just a swivel chair and pretty pens… although we can’t emphasize enough the power of a good motivational poster!
1. Gold Accent Area: Sweet, simple and sophisticated — that’s how we’d sum up this space. The gold throw pillow and miscellaneous accessories keep the decor bright and lively. (via The Every Girl)
2. Set the Mood: We’re suckers for a pair of baby blues… and the same goes for blue walls. This color is so calming, we swear it feels like you’re beachside if you squint your eyes hard enough. (via Bower Power Blog)
3. All in the Design: Design-focused furniture (like that desk, wow!) lets the rest of the office decor stay simple. Just a few pops of color and natural light and you’re all set. (via Freshome)
4. Statement Cork Board: Cover a cork board with a piece of fabric that’s full of pattern and color, and bam! You’ve got a super stylish place to keep inspirational images and memos. (via Lonny)
5. Gold Heart Art Office: Wear your heart on your sleeve… or on your wall in this case. A gold-heart decal turns a plain white wall into a statement wall in little to no time. (via Apartment Therapy)
6. Old-School Office: Take a cue from your school days and incorporate a locker smack dab in the middle of your office! It’s a little bit functional and a lot fab. (via Lina Ostling)
7. Collaboration Central: This two-for-one home desk might be one of the most functional pieces of furniture ever. Tons of inspiration is showcased right under the glass top. (via The Office Stylist)
8. Chair Appeal: Pop! Oh, that’s just the sound of a pop of color totally revamping an otherwise neutral space. (via Free Sharing)
9. Calendar Decor: Hang a gigantic calendar on your wall for functional and fun wall art. Bonus: You’ll have no problem staying on schedule with this thing hanging behind you. (via My Colortopia)
10. Pink Perfection: Every girl dreams of a little work station like this. Fancy up your white desk with a bold, pink print and clear accessories. (That chair! That lamp!) (via The Lennoxx)
11. Living Room Office: Let your office share its space with your living room. Perks include the comfiest office of all time and an already nap-approved couch. (via Decor Dots)
12. Space-Saving Wall Office: So you’re an apartment dweller and don’t have copious amounts of room in your home. Well… you’ve got a wall, right? This home office shows you how to make it work. (via My Scandinavian Home)
13. Rustic Room: Exposed brick wall. Grey-blue chair. And an owl lamp. Dare we say this is the most beautiful rustic office we’ve ever seen? (via Anthropologie Way)
14. Rug is the New Black: A bright and beautiful rug takes this office from traditional to total bombshell. The best part? Once you’re tired of it, you can swap it out for a brand new floor statement. (via A Beautiful Mess)
15. Cheery Chair Solution: Cold, metal office chair got you down? Drape some furry fun on it and you can type away at your keyboard for hours in comfort. (via My Scandinavian Home)
What decor style (Color palette? Wall art? Textures?) sparks your creative juices? Let us know in the comments below!
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