6 Topics Everyone Will Be Gossiping About at Brunch This Weekend
You’ve waited all week for this moment… it’s finally brunch time! Pre-meal, get up to speed on all of this weeks’ newsyou might have missed. It’s fun to sip cocktails and indulge in eggs benedict, but it’s even better to contribute to all the convos going down at the table. So check out all of this week’s hot topics below to ensure you’re more than ready for all the discussions.
1. Let’s Play Celebrity: In celeb world, this weekend is all about the Emmys! But this week was also about a variety of others famous face topics leading up to the awards show for television. For example, we found out Mindy Kaling wants to write a romcom for Tina Fey, the reason Sofia Vergara isn’t having bridesmaids at her wedding, Jessica Biel’s plans for a sex ed web series, Bonnie McKee’s songwriting process and Ashley Tisdale’s career advice from Lauren Conrad(who also shared a wedding vid honoring her first anniversary). Since we’re sure that isn’t enough pop culture chatter for you, you should also be discussing the adorableness that is ABC reporter Gio Benitez’s engagement shots and a couple’s 101 Dalmatians engagement shoot, the coolness that is Ellen Page and her girlfriend’s matching red carpet looks and Gabrielle Union and Dwyane Wade’s wedding vid-turned-movie trailer, and the chicness that is Kristin Cavallari’s baby bump bridesmaid look and Caitlyn Jenner’s newly redecorated Malibu home. Finally, get some Halloween inspo courtesy of The Grand Budapest Hotel characters. (Photo via Melissa Biggerstaff/Rusty Lion Art)
2. Child Chatter: Aside from the heartwrenching moment that was Tyra Banks and Chrissy Teigen sharing their fertility issues, this week served up some creative fun in the kid department. We got plenty of inventive pregnancy announcement videos — a video game-themed one, an Apple Watch prank version and even a spooky take on the reveal. In addition to all of that content, other topics worth discussing are Disney’s gender label-free Halloween costumes, the states that are the best and worst to have a baby in, a new organization ideal for breastfeeding moms on the go and an eight-year-old 3D printed smartwatch maker. Wrap up the convo with a laugh — these parents copied their daughter’s selfies.
3. Tech Talk: Very important news: If you didn’t hear, a “Dislike” button is *finally* coming to Facebook. In other social media news, Snapchat gave your selfies a playful upgrade, Twitter is letting you tweet political donations (did you watch the GOP debate?), your FB friends can now see you ignore their event invites (it might be time to tighten that FB privacy), Pinterest teamed up with Topshop and the most popular fashion brands on Instagram were revealed. Outside of social media, we got plenty of new apps. Like the debut of Kylie and Kim’s, dating apps for Netflix watchers and bacon lovers and even a purring generator. For Apple lovers, there was news of potentially being able to *finally* delete those unwanted Apple apps, how you may be charging your iPhone wrong (and a way to improve its battery life) and even a bunch of new iPhone tricks. Finish up the tech talking with a cool Samsung phone concept (a foldable smartphone), badass wireless headphones that charge themselves and your group’s dream list of tech women films that need to be made.
4. Style Session: Like usual, a lot of celebs switched up their hair since last weekend. Get some inspo from OITNB‘s Dascha Polanco’s rose gold cut, Ciara + Rita Ora’s new ‘dos, Katy Perry’s light red, Kate Middleton, Lady Gaga and Taraji P. Henson’s bangs, the latest hair trend (glass hair coloring) and maybe, just maybe, a budding man bun. Whether you choose to switch up your look or not after taking a peek at all of those ‘dos, you should definitely order these clear, snag-free hair ties. Celeb hair wasn’t the only inspo-worthy beauty moments this week as we uncovered three empowering social media trends. One came from Whitney Port (#OurCleanSkinIsIn) and the others are #MyBodyMyTerms and #InMySkinIWin. NYFW also served up plenty of fashion moments (obviously) like Lane Bryant’s latest campaign, Project Runway‘s first all plus-size runway, the debut of face jewelry and Ireland Baldwin’s latest tatt, and Tory Burch’s athleisure line. Aside from all that, we got peeks at a new BHLDN line, the French girl UNIQLO collab, Rihanna’s Puma shoes, J.Crew’s “Always List,”a revolutionary Kickstarter bra, a spot to test out wedding bands and a coffee-based beauty product. Also, Lupita Nyong’o slayed her Vogue cover shoot (duh). (Photo by Yuko Torihara/Getty)
5. Breaking Bread: So much happened in the food universe this week, namely Khloe Kardashian taught us her Pinworthy cookie jar hack. The past few days also brought us a first look at the boozy Taco Bell of your dreams, rainbow Doritos and gin made with unicorn tears, 7-11 hangover/date night packs, an automated Chipotle competitor, a pumpkin sandwich from Starbucks and pizza ice cream. YES, pizza ice cream!
6. Creative Convo Starters: If you or your brunch buds are having a hard time deciding on a wedding photog, take a cue from this bride. Once you’re done scrolling through that impressive photo album, share some inspiring and life-altering findings about cursive writers, ideal vacation lengths, how your emotions change the way you see colors, what you should be doing when you’re having a bad day and which colleges are worth the money. See you next week at the mimosa-fueled table!
What topics will you be discussing over brunch this weekend? Let us know in the comments.
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