Every now and then, a book comes along at just the right time to put life into perspective. That’s why so many of us still have a soft spot in our hearts for titles like The Little Prince or Madeline, which are classic early-age gifts meant to teach us fundamental life lessons. As we settle into adulthood, motherhood, and other grown-up roles, we’re still looking to writers for wisdom, proof we aren’t the only ones struggling with something, or an inspirational boost. Whether you’re getting over a breakup or jumping into a new career, here are five books to help you self-heal and navigate some of the biggest moments of your life.
TYING THE KNOT
<em>Love Warrior</em>
Marriage is a scary commitment, and the perceived bounty of online suitors has us less willing to settle than ever. We’re more likely to think if the shoe doesn’t quite fit, we should replace it, rather than break it in. But everyone has faults, and relationships take some serious work. Love Warrior chronicles a woman’s life as she deals with some major relationship issues: feeling emotionally and physically disconnected, infidelity, and mental illness. This read highlights the importance of accepting that your relationship will have low-points, but that instead of living in fear of what may go wrong, you have to love the best you can.
<em>What I Told My Daughter</em>
As well-intentioned as the words of encouragement “You can be anything you want to be,” are, they’re also a bit overwhelming. The truth is there’s no one right way to live, and you always have the right to change your mind — especially when it comes to your happiness. That’s the kind of advice 54 powerhouses like Ruth Bader Ginsberg, Brooke Shields, Mia Hamm, and Marie Osmond dispel in What I Told My Daughter. This book is full of seriously useful words of wisdom for women, which young women just entering “the real world” will find particularly handy.
COLLEGE GRADUATION
<em>Circling the Sun</em>
Though relatively unknown (she didn’t gain notoriety until 1983, when she was in her 80s), Beryl Markham is one of the most extraordinary women in history. A horse trainer, pilot, author, and all-around fearless pioneer, Markham found herself in her 20s with a failed marriage, neck-deep in a torrid love affair, pregnant, and penniless. Still, she persevered. Author Paula McClain captures Markham’s extraordinary life and grit in this novelized memoir that’ll embolden you to create the life you want to live, on your own terms — whatever age you are.
Quarter-life crisis
<em><a data-affiliate-link="" href="https://www.amazon.com/Power-Now-Guide-Spiritual-Enlightenment/dp/1577314808/ref=sr_1_1?s=books&ie=UTF8&qid=1485810692&sr=1-1&keywords=the+power+of+now" rel="noskim" target="_blank">The Power of Now</a> </em>
($15): Though not technically a life stage, the first time you travel alone is a monumental, transformative experience. You can either get distracted by feelings of loneliness or you can surrender completely to the moment and learn about yourself in the process. We opt for the latter. The Power of Now is a classic self-help book that’ll teach you how to practice mindfulness so that you can fully enjoy your travels — and life — even if it’s accepting the things that can (umm… will) go very wrong when you’re on a solo journey.
Traveling Solo
<em><a data-affiliate-link="" href="https://www.amazon.com/Lifes-Work-Becoming-Mother/dp/0312311303/ref=sr_1_1?s=books&ie=UTF8&qid=1485810715&sr=1-1&keywords=a+life%27s+work+on+becoming+a+mother" rel="noskim" target="_blank">A Life’s Work: On Becoming a Mother</a> </em>
You’ve read all the parenting books, and now you just need someone who’s going to give it to you straight. A Life’s Work is a soberingly real and beautifully written account of a woman coming to terms with motherhood. Cusk, a feminist and accomplished author, wrote the book when she was six months pregnant with her second child (and 10 months after giving birth to her first) about the intense highs and lows of motherhood. While perhaps this isn’t a title for everyone, it’s recommended reading for the modern woman who, despite fear of losing her own identity, relationship shifts, physical changes, and the overwhelming responsibility of caring for another life, knows there’s no greater love than for your baby.
Having a baby
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