10 Birthday Gifts Your Boyfriend Will Actually Love
You’re pretty much an expert on the important issues in life (fall hair trends, sourcing delicious recipes), but when it comes to choosing a thoughtful (but still super sweet) present for the guy in your life, you go blank. To help, we found ten amazing options any dude would be delighted to receive. From a masculine grooming kit to a practical but cool watch, these presents are sure to please. Happy shopping!
1. Passthrough Watch Strap ($65): A nice watch deserves a band to match, so gift your boo this genuine leather strap for a 20mm watch in any of four available colors.
2. Bacon Six Ways ($59): Next to dogs, bacon just might be man’s best friend. So naturally, your boyfriend will love this kit of six epic bacon products.
3. Bearded Man Set – Beard Oil + Hair Wax ($27): If your boo is bearded, smooching might be a little scratchy. This beard oil + wax set will help smooth out that facial hair sitch.
4. Safety Razor Shaving Kit ($108): On the other hand, if your BF likes to keep his face clean + smooth, this kit comes with everything he needs to get a closer shave than ever before.
5. SKEYE Nano Drone ($49): As the saying goes, boys will be boys, and we all know boys certainly love their toys. This tiny quadcopter is bound to become bae’s prize possession.
6. Mantry – Food Crate Subscription ($85): They say food is the way to a man’s heart, so snag this subscription box of six artisan foods that get delivered right to his door.
7. Party On! Excellent! Trunks ($110): These turquoise trunks rock hand-drawn illustrations from one of the most excellent movies around. The perfect gift for your Wayne’s World + beaching-loving boo-thang.
8. Cold Bruer ($75): Allow your coffee-addict boyfriend to skip the line at Starbucks with this slow drip cold brew coffee maker. Mornings made SO much easier.
9. Hikari Pack ($84): This versatile backpack also functions as a shoulder bag and tote, so it’s great for the guy on the go. Order it in gray, blue, striped or maybe all three.
10. Moscow Mule Cocktail Set ($99): Whip up b-day drinks with this cocktail kit! Including ginger syrup, copper mugs + a shaker, you’ll have everything you need to make a delicious Moscow Mule.
Which of these gifts are you planning to buy for your guy? Let us know in the comments section.
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