The Most Stunning Looks From the 2015 CFDA Fashion Awards
We love you Hollywood, but sometimes that red carpet attire can get a little monotonous. Clean cut, A-line dresses sure do suit a lot of body types but after we’ve watched 20 different versions of the same dress go by, award show fashion can sometimes turn into a bit of a snoozefest. Leave it to the folks of the fashion world to totally revitalize our love of formal attire. First came the Met Gala, with wild headdress and barely there gowns and tonight is the annual CFDA Fashion Awards (basically the Oscars for the fashion industry). Scroll on down to see what some of the biggest sartorial icons sported for this night of high fashion fun.
1. Kelly Osbourne: The purple haired fashion critic kept things simple in this black + silver separates combo. (Photo via Dimitrios Kambouris/Getty)
2. Nina Dobrev: Taking Kelly’s glittery separates combo a step further, Vampire Diaries‘ Nina Dobrev walked the red carpet in a fully feathered, Lela Rose ensemble. (Photo via Dimitrios Kambouris/Getty)
3. Harley Viera-Newton: It girl, Harley Viera-Newton kept things super wearable in this date-night approved, Cynthia Rowley number. (Photo via Dimitrios Kambouris/Getty)
4. Karlie Kloss: Unlike her super complicated Cannes outfit, Karlie kept her CDFA look nice and simple in this sweet polka dot dress with an ultra low-cut neckline. (Photo via Dimitrios Kambouris/Getty)
5. Katherine McPhee: The actress and singer went for a super studious vibe in glasses and a sleek, lab-like coat but added a touch of playfulness with bright pink lips. (Photo via Dimitrios Kambouris/Getty)
6. Jemima Kirke: Now this is a separates ensemble FTW! Allison Williams (Jemima’s co-star on Girls) has been rocking this shade of red at just about every award show this year, but it looks like she might have some friendly competition. (Photo via Dimitrios Kambouris/Getty)
7. Diane Von Furstenberg: As president of the CFDA, Furstenberg stayed true to her trademark style in an elegant, printed number. (Photo via Dimitrios Kambouris/Getty)
8. Katie Holmes: It looks like that blunt haircut Katie rocked at the Met Gala was nothing but a wig! The actress walked the red carpet sporting long locks and a slim cut, Ralph Lauren dress that looks like it came straight out of the ’90s. (Photo via Dimitrios Kambouris/Getty)
9. Coco Rocha: The new mom and model looked stunning as ever in a custom made gown by Banana Republic’s Marissa Webb. Paired with that vampy lip shade, Rocha is looking like the most fashionable Ice Queen that’s ever been. (Photo via Dimitrios Kambouris/Getty)
10. Juliette Lewis: The legendary actress hopped on board the separates trend in this all-white, feathered get-up designed by her date, Christian Siriano. (Photo via Dimitrios Kambouris/Getty)
11. Betsey Johnson: Leave it to Betsey to make a grand entrance. It’s no surprise that the designer seems pumped, she’s slated to be handed a lifetime achievement at this year’s event. (Photo via Dimitrios Kambouris/Getty)
12. Gigi Hadid: Welp, it’s going to be hard to beat this stunner of an outfit. Model Gigi Hadid looked smoking hot in this sequined Michael Kors jumpsuit. (Photo via Dimitrios Kambouris/Getty)
13. Emmy Rossum: Emmy Rossum embraced her dark side in a sleek black gown and smokey makeup. (Photo via Dimitrios Kambouris/Getty)
14. January Jones: The Mad Men star took us straight back to the ’80s in this burgundy and black jumpsuit. (Photo via Dimitrios Kambouris/Getty)
15. Vanessa Hudgens: Hudgens channeled her inner Audrey Hepburn in this elegant tea-length gown. (Photo via Dimitrios Kambouris/Getty)
16. Janelle Monae: Musician and fashion icon Janelle Monae walked the red carpet in an ornamented cape dress. We can’t decide what we love more… the outfit or that epic updo. (Photo via Dimitrios Kambouris/Getty)
17. Amanda Seyfried: As far as embellishments go, Seyfried’s Rodarte dress kind of has it all: Fringe, beading, sequins, you name it. (Photo via Dimitrios Kambouris/Getty)
18. Kim Kardashian: She might be three months pregnant, but you’d never know it by the looks of her figure in this Proenza Schouler see-through dress. (Photo via Dimitrios Kambouris/Getty)
19. Victoria Beckham: Victoria Beckham stayed true to her line’s aesthetic in a figure-hugging dress with a mermaid silhouette. (Photo via Dimitrios Kambouris/Getty)
20. Diane Kruger: Kruger rarely disappoints on the red carpet and tonight was no exception. The actress looked stunning in a black and red dress with a simple silhouette that was amped up with a whole lot of sequins.
What was your favorite look from the red carpet? Share with us in the comments below.
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