You’ll Never Guess What Blake Lively’s Next Career Move Is…
We learned two juicy bits of information from Blake Lively and Martha Stewart when the two lifestyle experts sat down to chat at Martha’s American Made Summit in New York City this past Saturday. First, that Martha (like everyone else in the world) has been crushing on Blake’s husband Ryan Reynolds since she first laid eyes on him. “When we met Martha, Martha goes, ‘I know how to ride motorcycles. I will ride with you Ryan!,'” Blake revealed. “Martha is the only woman that can creep up on my man!” After the crowd LOL-ed and the Q+As got underway, we learned our second piece of too-good-to-not-share gossip: that Blake’s next DIY conquest (after decorating cupcakes) might be fashion design. “I would love to when I find 28 hours in my day,” Blake joked about launching her own line of clothes, “But I’m hoping to do some exclusive things in the future.” We’re hoping that talks are already underway about adding a Blake-made category in the Preserve shop. But until then, join *us* in designing our five dream pieces we want to see in Blake Lively’s future (+ bump-friendly!) clothing line.
1. Mis-Matched Sets: The one thing that had everyone talking in Blake’s pregnancy announcement photo (besides her bump) was the way the new mom-to-be can mix prints with the best of them (watch out, Olivia). It’s not easy to do *right*, but we’re hoping that Blake would make it easy for us by including a handful of printed separates in her line that allll could look as effortlessly elegant when tossed together as this. (Image via Vogue + Eric Lively)
2. A Statement Coat: We’ve come to think of Blake as the queen of turning heads in a coat, especially after not one, but TWO of her recent fall outfits featured snuggly stunners you can shop on her site. Get Blake’s head-to-toe look by choosing coats with graphic patterns and bright colors —-> check out some we’ve already got our eye on here. (Image via E! Online)
3. Wear-Everywhere White: Whether she’s on the red carpet or stomping around the streets, the hue we love most on her from head to toe is, surprisingly, white. Blake wow-ed us again at Martha’s American Made Summit (real talk: so did Martha) in an all-white outfit that felt fun and feminine even sans color — and that’s just what our closets are missing. (Image via E! Online)
4. Hair Accessories: Blake’s got one of the most enviable manes in Hollywood, and its even more covetable when tricked out with an eye-catching hair accessory. At the top of our wishlist: A line of hair pins, headbands and pony bling that each go with a specific Blake-approved DIY hairstyle, from bombshell waves to boho fishtail braids to a slick side sweep. (Image via Style Noted)
5. Blair Waldorf Throwback: Truth: almost every element of this Serena uniform is back in style: from pleated skirts to over-the-knee boots to long vests. Show of hands for who wants Blake to re-imagine her Gossip Girls’ style for today? (Image via Glamour UK)
What pieces would you like to see in your dream Blake Lively clothing line? Share your favorite thing about Blake’s style in the comments below.
(h/t E! Online)
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