
This year’s BET Awards were packed full of amazing moments, from Beyoncé’s surprise performance to the many Prince tributes. But the morning after, there’s really only one thing that EVERYONE is talking about. When Grey’s Anatomy star Jesse Williams stepped onto the stage to accept the Humanitarian Award, no one expected the depth of what was about to happen. Delivering a statement addressing racial issues, Jesse made what is being called one of the most memorable speeches of the award’s history, and you can definitely believe that once you see it (below) and when you check out how celebs responded with praise (and a little controversy).
“Now — this award, this is not for me. This is for the real organizers all over the country, the activists, the civil rights attorneys, the struggling parents, the families, the teachers, the students that are realizing that a system built to divide and impoverish and destroy us cannot stand if we do. Alright? It’s kind of basic mathematics,” Jesse began, before going on to speak about racial struggles, the daunting issues Black women face (“we can and will do better for you”), and recent victims of anti-Black violence: Tamir Rice, Rekia Boyd, Eric Garner, Sandra Bland and Dorian Hunt (names we all need to recognize). You can check out the speech below (and you definitely should whether you’re seeing for the first time or the 10th).
Obviously as moved as we were at home, the celebs came out fast and hard to praise Jesse Williams and his powerful words.
You better speak @iJesseWilliams thank you….your voice is so powerful….
— Zendaya (@Zendaya) June 27, 2016
I have no words…..eloquent, moving, spot on and perfectly put….I'm so inspired @iJesseWilliams
— Zendaya (@Zendaya) June 27, 2016
"The burden of the brutalized, is not to comfort the bystander." –#JesseWilliams
— Uzo Aduba (@UzoAduba) June 27, 2016
Thank you @iJesseWilliams we needed that… RESPECT
— ICE T (@FINALLEVEL) June 27, 2016
Just because we're magic doesn't mean we're not real!! @iJesseWilliams #betawards #yougoboy
— Debbie Allen (@msdebbieallen) June 27, 2016
JESSE WESLEY WILLIAMS
— Ellen Pompeo (@EllenPompeo) June 27, 2016
@iJesseWilliams so thoughtful so much truth you have used your platform in the most impressive way please don't ever stop we need you
— Ellen Pompeo (@EllenPompeo) June 27, 2016
In our world of media where entertainers are only interested in promoting themselves @iJesseWilliams is selfless & as refreshing as it gets
— Ellen Pompeo (@EllenPompeo) June 27, 2016
@iJesseWilliams speech still on my mind https://t.co/84lOzcqJmL
— Ellen Pompeo (@EllenPompeo) June 27, 2016
Watched @iJesseWilliams #BETAwards speech a solid 5 times this morning. No coffee needed. #woke
— ALEKESAM (@SalMasekela) June 27, 2016
#JesseWilliams is definitely awake! Standing on #Truth! Bless
— Valerie Chandler (@RealValChandler) June 27, 2016
.@iJesseWilliams gave a speech at the #BETawards that must be viewed by EVERYONE! Watch here and share! https://t.co/oTIViug88f
— Perez (@ThePerezHilton) June 27, 2016
“Just because we’re magic doesn’t mean we’re not real.” –@iJesseWilliams https://t.co/Oc4FrwXGOX
— Susan Sarandon (@SusanSarandon) June 27, 2016
@iJesseWilliams that speech at #BETAwards. You. THANK YOU!
— Mia Farrow (@MiaFarrow) June 27, 2016
Powerful. @iJesseWilliams
— Marcus Stroman (@MStrooo6) June 27, 2016
Wow, that @iJesseWilliams speech at the #BETAWARDS was something we all need to watch, re-watch and re-watch again.
— Chris Archer (@ChrisArcher22) June 27, 2016
Although there was also a little controversy caused by Justin Timberlake, who didn’t respond too well to a tweeter who called him out on racial and cultural appropriation.
https://twitter.com/jtimberlake/status/747276674073395200
Justin, in turn, did the celeb-backpedal.
I feel misunderstood. I responded to a specific tweet that wasn't meant to be a general response. I shouldn't have responded anyway…
— Justin Timberlake (@jtimberlake) June 27, 2016
I forget this forum sometimes… I was truly inspired by @iJesseWilliams speech because I really do feel that we are all one… A human race
— Justin Timberlake (@jtimberlake) June 27, 2016
I apologize to anyone that felt I was out of turn. I have nothing but LOVE FOR YOU AND ALL OF US.
–JT
— Justin Timberlake (@jtimberlake) June 27, 2016
Check out Jesse’s speech below and get up with the crowd to give him a standing ovation. “Just because we’re magic doesn’t mean we’re not real.” *chills*
Best speech 🔥🔥🔥🔥🔥https://t.co/3mJekMGp5I
— Uche Jombo Rodriguez (@uchejombo) June 27, 2016
What did you think about Jesse Williams BET speech? Tweet us @BritandCo!
(Photos via Frederick M. Brown/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