If the holidays have left you more than a little strapped for cash (read: a $150-per-month gym membership is NOT in your budget), getting in shape for the New Year can be quite the daunting task, especially if the weather is keeping you cooped up indoors. How the heck are you supposed to get an action hero bod like Cara Delevingne when you’re working with a space the size of a shoebox and a budget to match? Never fear. In addition to picking up some gym equipment that fits in your apartment and maybe even figuring out a small space home gym setup (no pressure), we chatted with celebrity yoga guru and pilates instructor Kristin McGee (the gal responsible for getting LeAnn Rimes Cibrian, Bethenny Frankel and Tina Fey fit), to get the lowdown on how you can actually put that stuff to good use… for $30 or less.
1. TheraBand ($14): McGee suggests beginning with the TheraBand, probably the cheapest and most simple piece of equipment to use.
Try Backrows: “Sit with your legs out in front of you and wrap the Theraband around the soles of your feet,” she says. “Hold each end of the band in your hands and pull your elbows straight back. Squeeze [your shoulder blades together] and let go.”
Try Bicep Curls: McGee says this exercise is great for those of us (ahem, or, more likely, all of us), that sit with a rounded back looking at our iPads. “From that same seated position, turn your palms upright, [and], still holding each end of the band, pull your palms toward your shoulders with your elbows high in the air.” Bonus points? “This is also great for your abs if you lean slightly back,” she shares.
If you want to mix things up, McGee says it’s also okay to stand and “wrap [the middle of the Theraband] around a handle (such as a door handle) and take each end [in your hands] and step a few feet away” before performing the motions described above. But do be warned – McGee says the band can slide off handles, so beginners may be safer keeping the band around their feet, where it can’t slip off.
2. Stamina Pilates Magic Circle ($25): “The Magic Circle is another thing I love,” McGee gushes. “It’s great for toning your inner thighs.” Oh, and it’s also under $30. (Tell us more, tell us more!)
Try Thigh Squeezes: This move is just what it sounds like. “You can lie down on your back with your knees bent and your feet flat,” McGee says. After positioning the Magic Circle between your inner thighs, you simply squeeze them together for 20 reps. Do three sets of these. Easy peasy!
Try Skull Crushers: Don’t be scared by the name of this one — it’s not as intimidating as it sounds. “[Put] one end of the Magic Circle around your foot and lie down on your back,” McGee instructs. “Hold the other end.” With your feet flat and your knees bent, McGee says to hold the Magic Circle straight up above you with your hands wrapped around it (your fingers should be facing your face). Bend your elbows back toward you while squeezing, and then extend them back out toward the ceiling.
3. Gymnic Mini Exercise Ball ($13): “The ball is similar to the Magic Circle, in a sense,” McGee tells us.
Try Ankle Squeezes: “[Lying] down on your back, [place] a squish ball between… your ankles,” McGee begins. “Lower your legs down to the ground and then back up, squeezing the ball [as you go].” She says this works that hard-to-reach lower pooch as well as your inner thighs.
Try Bridge Up: “While you’re still lying with your back flat on the floor, put your feet on the ball,” McGee coaches. “Then try to press into your feet to lift your hips. This is killer for your hamstrings, glutes, lower back and abs.”
Try Tick-Tock: Sitting up with your knees bent in a tabletop position, McGee says to place the ball between your inner thighs, then drop your knees from right to left. This targets your obliques and waistline while “still getting your hips and inner thighs.”
4. Empower 3-in-1 Kettlebell ($27): McGee tells us that an 8-10-pound kettlebell ($27 at Target) is a good weight to start your home gym out with.
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