Welcome back to best apps of the week time, where we scour the app stores and interwebs to bring the best and buzziest of new apps. This week you’re in for a treat, with a new social messaging app that is going viral as we speak (it was invented by one of Vine’s founders, so what’d you expect?), one that will help you split the tab in a snap and also a couple of apps that might just help you keep on track with your New Year’s resolutions. Check out all the app-tastic goodness that in store for you below.
Peach
Here’s the new social media chat app that you and your friends are going to love. Peach gives you a little page that allows you to give short and sweet updates like pictures, videos, links and GIFs. Tell your friends where you’re at, what the weather’s like, that you’re watching another ep of Making a Murderer and how many steps you walked. Or didn’t. Your pals are free to drop by and check out your “page” and leave comments.
DL It: Free on iOS
2. Proud: So $4.99 isn’t cheap when it comes to buying an app, but Proud is that app that wants to help keep you organized and less stressed, and help you carry out everything on your t0-do list. That = priceless. You simply add things you need to do into the app and categorize it as to how urgent the item is. Proud will store your lists and send you gentle reminders. You even have fun options like “Give me more time,” “De-stress” or “Travel back in time.”
DL It: $4.99 on iOS
3. Dinngo: Splitting the bill is the biggest headache we all have when we’re out with a large party. That’s where Dinngo steps in. The app socializes paying and it’s as easy as snapping a pic and tagging everyone. After each person calculates how much they need to pay, just upload of group photo and tag the dollar amount each person owes. Then your pals can easily pay you through Venmo.
DL It: Free on iOS and Android
4. Hear and Now: Every once in a while in our busy lives, we need to stop and take a deep breath. Hear and Now wants to help you do just that by giving you a cool interface that reminds you to inhale with deep, focused breathing exercises. Meanwhile, you can measure your heart rate by placing your finger on the flash of your phone and also indicate your stress level within the app. Helpful!
DL It: Free on iOS
5. Omniscient: Sometimes we get caught up in what’s happening right in our vicinity and we lose sight of the fact that there’s a whole world out there. Omniscient is the news app that wants to make it easy for you to access headlines the whole world over. All you have to do is drop a pin anywhere in the world and the app will show you the latest headlines from that location.
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