This Is How Millennial Women Are Buying Fine Jewelry
If you’ve been looking for a few special pieces to add to your fine jewelry collection, you know how daunting it can be to shop for something that fits your taste and budget. Searching online can be a bit risky in this category since you can’t see items before buying, and in-store isn’t much easier, with only a few styles available to experience in person at any given time. But the co-founders at AUrate have come up with a genius way to add to your accessories collection without any shopping woes, and it’s the most millennial way to get your bling on.
Brand co-founders Bouchra Ezzahraoui and Sophie Kahn have figured out an intimate and personalized way to shop for jewelry, without the hassle of return policies or pushy sales reps. Launching today, you can now try Curate by AUrate, a fine jewelry curated box personalized to your specific style and taste.
Ezzahraoui and Kahn gave us the scoop on the launch, and they revealed how the no-commitment, no-hassle service works. An in-house stylist takes data that customers provide to “assemble up to five pieces from AUrate’s original collections of handcrafted gold, diamond, and pearl jewelry,” which are then sent in a gorgeous pink box right to your doorstep.
You have a full week to try the pieces on and wear them out and about, without any upfront costs. There’s complimentary shipping for anything you’re not loving, and you’re charged only for what you keep. As for how you get pieces you’ll hopefully adore, the co-founders told us, “Curate boxes are $0 upfront, and there’s no monthly commitment. We are NOT a subscription service. When customers are filling out questions on their style preferences, they also choose their budget, and our boxes are curated based on that range.”
With dozens of ethically sourced, affordable options of handcrafted gold, diamond, and pearl jewelry, these boxes are sure to have something for everyone, with no stress about keeping something you’re not obsessed with.
Ezzahraoui and Kahn know that we’re busy but still want beautiful pieces, which is why they were inspired to create the curated boxes, telling us, they aim to “reduce the barriers for women to wear fine jewelry.” Say you’re too busy to take the time to look for jewelry that you love. “Our stylists can do the work for you,” the duo say. “Whatever the reason, time, money, commitment issues, our goal with Curate remains the same: to let you try on AUrate jewelry in the best and easiest way possible, with no strings attached.”
Mainly, the co-founders don’t want high prices to stop you from having gorgeous, unique baubles, explaining that “price ranges depend on what the customer is looking for. We adapt each box based on his or her preference. It can range from $50 to $3000 per piece. Our average price point is around $300-400, but again, everything is possible.”
What do you think of this new fine jewelry box? Tweet us and let us know @BritandCo!
(Photos via AUrate)
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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