Everyone has that friend who always has their nose in a book. Not only do they have a home library to rival fully stocked bookstores, they’re constantly reading the most interesting picks and have the best book recommendations to boot. Their love of stories brings so much richness to our lives, and that’s why we should celebrate our bookworm besties by giving them thematically appropriate gifts that really celebrate who they are. Scroll on for the most creative literary presents for your favorite reader.
J. Leigh Designs Store Readers Gonna Read Tote Bag
Gift your pal a bag for carting all her books around that’s *totes* perfect for her.
Bondi Boutique Co. Just One More Chapter Mug
Every book lover knows the dilemma of needing to know what happens next even when they can barely keep their eyes open. Help them out after a late night of reading with a coffee mug that knows their struggle.
Uncommon Goods Novel Teas
Nothing beats a warm cup of tea and a good book. These blends are specially crafted to complement whatever’s on your bookish bestie’s reading list.
Urban Outfitters Invisible Book Shelf
Why clutter up your pal’s walls with chunky bookshelves when their gorgeous books are all they need for decor? These nifty invisible shelves free up a ton of wall space — and kind of look like magic.
Block Merch Book Heartbeat T-Shirt
Your bookworm friend lives and breathes the written word, and this adorable T-shirt expresses their passion in a heartbeat.
Fred Finger Print Bookmark
True lit lovers would never sully a good book by dog-earing it. Instead, they can save their spot down to the very word with this inventive bookmark.
Anthropologie Fireside Faux Fur Throw Blanket
On cold, rainy days, one of your BFF’s favorite activities is to curl up under a cozy blanket with a good book. Plus, it’s great for a post-reading catnap.
Thumb Thing Book Page Holder
Does the book lover in your life have trouble reading on their commute? Keeping their book open and readable is no sweat with this “thumb thing,” even on a crowded train.
Craftchemy Gift Shop Book Earrings
Your bookworm bestie wears their love of the page on their sleeve — or ears. At least they will when you give them these earrings.
Urban Outfitters Stay Home Embroidered Amped Fleece Throw Pillow
Ah, the mantra of the book lover: Stay home (and read). They can sit back, relax, and crack open their current literary obsession on this comfy throw pillow.
From the Page Pemberley Candle
Let your friend feel just like Elizabeth Bennet whenever they light this candle that gives off notes of greens and floras, inspired by Mr. Darcy’s estate in Pride and Prejudice.
Fox and Wild Library Quote Print
As the print says, “The only thing you absolutely have to know is the location of the library.” Truer words were never spoken to a reading enthusiast.
Active Forever Prism Glasses
Even the sleepiest (or laziest) person can still enjoy their daily reading without even lifting their head when they put on these convenient spectacles.
Bouncing Ball Creation <em>Harry Potter 7</em> Wrapped Pencil Set
There’s a good chance your friend is obsessed with Harry Potter. Now they can indulge in their favorite fantasy whenever they write a memo.
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