The student activists that have emerged following the tragic February shooting at Marjorie Stoneman Douglas High School in Parkland, Florida have amassed a huge following across the country, and their efforts to help change gun laws aren’t slowing down. The protests will reach a new peak on March 24, when the March for Our Lives will descend on Washington DC.
Jennifer Hudson: In a tweet, Hudson said she was inspired by the students' demand for change.
“I am completely inspired by the students and communities standing up for the future safety of everyone and to honor those we’ve lost from senseless acts of gun violence. I stand with you and raise my voice with yours.” (Photo by Jeff Spicer/Getty)
Ariana Grande: In the aftermath of a high-profile terrorist attack at one of Grande’s concerts in the UK last year, the singer has stood up against violence by raising money for her concert's victims and becoming an outspoken advocate for youth. Now, according to Hogg, Grande is also joining the March for Our Lives this weekend.
"They're gonna be standing there with us and marching with us and they're some of the few people that are really coming out and stepping up with us,” Hogg told CNN. (Photo by David Hogan/Getty)
Demi Lovato: Just a week after the Parkland shooting, Demi Lovato brought six survivors onstage with her during the first show of her ‘Tell Me You Love Me' world tour. “It was such an honor to meet them and hear their courageous stories,” she said in a statement.
After Hogg announced Lovato among the march's celebrity participants, Lovato tweeted out her excitement over the event: “I've been so amazed by the work @Emma4Change and the rest of the Parkland students have been doing. You guys are the future. I'm honored to be a part of this!! #MarchForOurLives" (Photo by Jamie McCarthy/Getty)
Khloé Kardashian: The Good American founder has spoken out in support of the March for Our Lives by directing her fans to find their local marches and demanding gun legislation now.
“On March 24,” she tweeted, “students & families across the country will #MarchForOurLives!!! We have to support them and demand that our leaders take action to end gun violence in our schools 7 communities. Find an event near you.” (Photo by Kevin Mazur/Getty)
Dwyane Wade: Basketball player Dwyane Wade is also using his platform to amplify the voices of the kids from Parkland. The Miami Heat player sat down with survivors for a special on CNN Monday morning, explaining why he feels compelled to support.
"I do more than dribble," he told Dave Briggs, adding that as adults, it is impossible to move forward while children are unsafe at school. "I can't imagine what these families are dealing with, are going through. But what I try to do is I try to put myself in that situation and the heartache and the hurt, just even trying to imagine it, is too much to bear." (Photo by Rich Fury/Getty)
Oprah Winfrey, The Clooneys, Joshua Kushner and Steven Speilberg: Of course, there have been some hefty donations to the March for Our Lives, too. George and Amal Clooney started the ball rolling by donating $500,000 to the charity and were soon matched by Oprah Winfrey. Quietly, the democratic brother of the presidential adviser and first-son-in-law Jared Kushner, Joshua Kushner, donated $50,000 too.
Ready Player One director Steven Spielberg has also stepped up to the plate, donating $500,000 to the march as well. “The young students in Florida and now across the country are already demonstrating their leadership with a confidence and maturity that belies their ages,” Spielberg said in a statement. (Photo by Kevin Winter/Getty)
Lyft: The ridesharing app is joining in for their support, offering anyone marching this weekend a free ride to their local rally with the caveat that riders either be 18+ or riding with an adult. (Photo by Isaac Brekken/Getty)
Miley Cyrus: According to Parkland survivor and activist David Hogg, Happy Hippie Miley Cyrus will be joining protesters this weekend. Cyrus has been a vocal advocate of the teens, recently tweeting her support of last week’s school walkout.
“Proud of all of you! Never give up! You are THE change,” she wrote. “So amazing to see young people take back their power and USE it!” (Photo by Dia Dipasupil/Getty)
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