14 Surprisingly Chic IKEA Living Rooms
If you’re among so many of us who have palatial tastes and a studio apartment budget, then you must feast your eyes on these uber-chic IKEA living rooms. It can be discouraging to see your favorite tastemakers posting beautiful home decor on Instagram that you’re a pile of student loans away from being able to afford. But don’t fret! We know your struggle, because it’s ours too. That’s why we’re so delighted by the sophisticated styles, tantalizing textures and light and breezy vibes of these budget-friendly living rooms. Get your Pinterest board ready, because you’re about to be seriously inspired.
1. Black and White: This color combo never fails to give the illusion of high-end (read: expensive) sophistication. And the super simple KNOPPÄNG picture ledges provide professional presentation for only $7. (via House to Home)
2. Bright and Breezy: Vivid textures and geometric shapes make this living room sing. The neutral KARLSTAD sofa provides a nice balance to the candy-coated colors. Is anyone else suddenly craving sherbet? (via The Enchanting Life)
3. Pretty Patterns: These mixed-and-matched bold patterns are all kinds of visual stimulation. And the black and white STOCKHOLM cushion that does such a great job of rounding out the look is only $15! (via Design Love Fest)
4. Pale Pink and Denim Hues: This STOCKSUND loveseat is given the royal treatment with soft patterns and gilded touches. Combine different patterns in similar colors for a pretty blend with compelling cohesiveness. (via IKEA)
5. Gray and Rose: Pretty pink pastels and soft grays spell comfort. Coupled with the shape of this NORSBORG sofa, this setup has us ready to cozy up and settle in for the day, please and thank you. (via IKEA)
9. Light and Flowery: A few soft and colorful accents bring home this delicate design. The VITTSJÖ nesting tables are a lovely way to incorporate high style without overwhelming a small space. (via Style Me Pretty)
10. Gray All Day: Oh gray, how we love your endless potential. Various shades of gray and silver surrounding this HEMNES coffee table make this effortlessly elegant design come together. (via IKEA / The Interior Directory)
11. Bright and Zesty: This pink and orange color combination will cheer up even the grumpiest of grumps. And the stunning table is actually three beautifully hacked FROSTA stools, only $5 apiece. (via Vtwonen)
12. Openly Dreamy: We love how this minimalist design lets the beauty of the outdoors shine above all else. The matching white EKTORP couches coupled with a select few organic accents give this space a breathable, airy feel. (via Decor Dots)
13. White and Gold: This ultra-feminine design is equal parts delicate and elegant. Use minimal furniture in soft colors like this VITTSJÖ table and EKTORP couch to let your sweet accessories do the talking. (via The Everygirl)
14. Modern Romance: Using light grays and varying shades of white lets you add plenty of design elements without things getting too visually crowded. The style of the LIATORP coffee table pairs perfectly with the four matching white frames on the wall. (via Oh My Dear)
Want more high-end style on a student budget? Give us a follow on Pinterest!
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