Summer heat causing you to break a sweat? Even as the season has barely begun, the rising temperatures have had everybody clinging to their air conditioners for dear life. As much as we would all love to enjoy the nice weather, we also don’t want to risk sweat stains and discomfort. Whether you’re at home, at the office, or out and about, there are plenty of ways to keep yourself cool as a cucumber even when you feel like everything around you is frying.
Insten Portable USB Mini Misting Fan
When the temperature is seriously high, you have to get a serious tool to combat it. Switch on this portable fan with the added benefit of cool mist to keep you feeling fresh.
VIMVIP Portable iPhone Fan
Simply snap on this iPhone accessory to turn your smartphone into a portable fan. Now you can finally master that windblown look for your Instagram.
Stadler Form Q Metal Fan
Not all desk fans are made alike. Not only will this fan deliver some significant wind, it will also look incredible among your other accoutrements.
Hydro Flask Vacuum-Insulated Stainless Steel Water Bottle
When summer heats up, it’s important to hydrate, hydrate, hydrate! Keep this handy, high-quality bottle on you so you can fill up on that H2O without it going lukewarm.
Lunatec Aquabot
Meet the water bottle that pulls double duty. You can get your refreshing drink and also mist your skin using the built-in pressurized mister. (In a pinch, it’ll even work as a camp shower!)
Classic Brands Reversible Cool Gel and Memory Foam Pillow
Nothing disturbs sleep like a sweaty summer night. Luckily, you’ll always be able to rest your head on the cool side of the pillow when you lay on this innovative gel design.
BedJet V2 Climate Comfort for Beds
No air conditioner? No problem. You can cool your home where it counts with a specially crafted fan that attaches directly to your bed. Goodbye, night sweats. (Bonus: There’s a heating mode for the winter too.)
SYOURSELF Cooling Towel
Simply soak it, wring it out, and snap it to activate the cooling effect of this high-tech towel. It’s a must-have for combating post-workout overheating or a sunny day spent outdoors.
Ergodyne Chill-Its Evaporative Cooling Bandanna
Going for a hike or even just planning to spend your day in the sweltering heat? Put some cooling power where it counts by tying on this totally “chill” bandanna.
ESARORA Ice Roller
After a long day lounging on the beach or sweating in a hot office, take a moment to care for your tired skin by sweeping this soothing roller across your face. Don’t forget to store it back in the freezer when you’re done so you can take advantage of its comforting effects again tomorrow.
Wagan Cool Air Car Cushion
Getting into a hot car on a summer day is the worst. And cranking the cool air only uses up more gas. Instead, this cooling mat helps circulate air so you don’t get sweaty, reducing the need for more air conditioning.
HyperChiller Iced Coffee Maker
A refreshing drink is all some people need to beat the heat. If you’re craving a truly ice-cold bevvie, you can chill practically any non-carbonated liquid (not just coffee!) in this ingenious device.
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