
By now, we’re guessing you’ve seen the instantly-iconic image of Caitlyn Jenner on the cover of Vanity Fair. The stunning 65-year-old, formerly known to the world as Bruce, looked utterly gorgeous in a sleek satin one piece and tousled curls. While Caitlyn’s stunning metamorphasis is what caught our eye initially, the true beauty of the cover comes from the unrelenting sense of bravery Caitlyn has demonstrated throughout her transition. Laverne Cox, the transgender actress, producer and activist spoke out about Jenner’s photos in a Tumblr post. She writes, “Yes, Caitlyn looks amazing and is beautiful but what I think is most beautiful about her is her heart and soul, the ways she has allowed the world into her vulnerabilities. The love and devotion she has for her family and that they have for her. Her courage to move past denial into her truth so publicly. These things are beyond beautiful to me.”
We couldn’t agree more that it is important first and foremost to give props to Caitlyn for all the progress she represents (and for her own personal journey), we can’t deny that she looks stunning on the magazine cover. And as beauty mavens, we were excited to see that Vanity Fair‘s beauty editor, SunHee Grinnell had revealed exactly what went into Caitlyn’s cover look.
Vanity Fair called in an all-star glam squad for this monumental moment including makeup artist Mark Carrasquillo, hairstylist giant Oribe and celebrity manicurist Deborah Lippmann. Scroll on down to check out some of the highlighted products discussed in the article.
Makeup
1. Tom Ford Traceless Foundation SPF 15 ($80): After some pre-makeup prep, Carrasquillo began by applying this natural-finish, long-wearing, humidity-resistant foundation that hydrates and evens skin.
2. Sculpting Powder by Kevyn Aucoin ($44): Carrasquillo skipped the typical eyeshadow application and used this contouring product instead by softly blending it in her crease and along her lower lashes.
3. Serge Lutens Lip Pencil ($55) While Caitlyn does rock some bold red lips in the editorial spread, she isn’t wearing any in the cover shot. Instead she’s sporting this nude colored lip pencil with a bit of balm. Yes, we will be borrowing that pro tip, thanks very much.
Hair
4. Dry Texturizing Spray ($42): To create such luxurious-looking hair, Oribe turned to one of his go-to-products, this texturizing spray.
5. Signature Royal Blowout Heat Styling Spray ($64): After that, he applied this styling spray to create lasting volume.
Nails
6. Lady Is a Tramp ($18): For Caitlyn’s first ever covergirl manicure, Lippmann decided to embrace the color that had become a statement throughout the shoot in this sultry shade of red.
What are your thoughts on Caitlyn Jenner’s debut? Let us know in the comments.
(Photo via Vanity Fair)
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