Like it or not, Valentine's Day is a BIG deal. And we're not just talking about the flowers, candy, and Veuve, (although we'll take all that too). The holiday originally dates back to the Middle Ages, and the oldest known written Valentine was a poem from 1415 (!). By the mid-18th century, it had become a tradition for lovers *and* friends alike to exchange small tokens or thoughtfully written notes every February 14. Today, an estimated one billion V-Day cards are sent around the world. So whether you're currently single or crazy in love, we think Cupid's special day should be about celebrating love in all the ways and all the places. Scroll on to find the perfect celeb-inspired outfit ideas for every type of Valentine's Day outing.
Comedy Show or Concert: Be adventurous with your V-Day activity *and* outfit. Whether she's kicking it at a comedy club or discovering a new band, Gabby Union (with beau Dwayne Wade) definitely knows what's up when it comes to edgy style and looking casually dope AF. Rebel against traditional reds and pinks and go all black, fringed, and fabulous. Wear lots of jewelry for added flair. (Photo via Pierre Suu/GC Images)
Brunch and City Walk: Spotted! Blake Lively looking howlin' in houndstooth. Change it up this Valentine's Day and celebrate with brunch and a stroll — and a patterned jumpsuit. Just add heels and statement earrings for some stylish sophistication. (Photo via James Devaney/GC Images)
Home-Cooked Meal With Boo: If you're tempted to go full sweatpants and socks, don't. After all, you're putting the effort into cooking so don't skimp on the style. You're bound to create a more celebratory (and V. pretty!) vibe when you pair a bold magenta baby doll dress with sultry black heels à la Emmy Rossum for a romantic night in. Because home is where the heart really is. (Photo via Frederick M. Brown/Getty Images)
Girls' Night Out: Transition from craft cocktail toasts to Caribbean club shimmies in this bold trouser and patterned blouse duo. We're especially digging Zendaya's successful pink and red pairing (yes, you can!) and simple black pumps — a creative way of elevating the whole look. (Photo via Victor Chavez/Getty)
Museum and Opera Date: Bend it like the Beckhams and explore a new art exhibit or have a glam night out at the opera house. We love Posh Spice and how she mixes up a traditional crimson dress by adding seafoam glitter kicks that, TBH, are EVERYTHING. (Photo via Mark R. Milan/Ricky Vigil M/GC Images)
Romantic Rooftop Picnic: Cozy up overlooking the bright lights and raise your glasses to love. We *heart* Chrissy Teigen's comfy, stylish mash-up and will def be copying. Upgrade your black denim and white sweater combo with pops of gold and luscious red lip color. (Photo via Robert Kamau/GC Images)
Dinner Party With Friends: Celebrate love by hosting a special dinner party for your squad. We're inspired by Samira Wiley's floral fashion and her partner Lauren Morelli's ruffle couture, and both of them are definitely dressed to impress. (Photo via Earl Gibson III/WireImage)
Fancy French Café: Romantic dinner for two? Just say yes to the little black embellished dress! Your boo won't be able to take their eyes off of you. Get the full Gal Gadot effect when you let your hair down and add some scarlet lip color. (Photo via Chris Delmas/AFP/Getty)
What are your Valentine’s Day plans? Be sure to snap and ‘gram your LOVE-ly #OOTD and tag us @BritandCo!
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