DIY Astro Guide: What Your Horoscope Means This Week, 8/29/2016
As we leave one month behind and embark on another, you’ll feel a huge weight lifted off your shoulders. But not until you get through this week. Between unexpected tech snafus (a shattered iPhone screen! hacked social media accounts!) and a creativity rut that leaves you feeling more uninspired than ever, you’ll be counting down the minutes until Labor Day weekend. Treat yo’self to one last summer hurrah with these indulgent ice cream cake recipes and scroll down to see what the stars have in store for you in this week’s AstroStyle horoscope.
There’s a fine line between rewarding yourself with a little sumthin’ sumthin’ for your birthday and going on a reckless spending spree. Before you splurge on the Mansur Gavriel circle bag of your dreams, try factoring in the cost per wear to see if it’s really worth the moolah. Ready to stock your wardrobe with the latest fall essentials? Call up your gal pals for an epic closet swap party or go thrifting for those throwback ‘70s flares that are so RN.
Read This: Take note: This is what to do after you get your first adult paycheck. No buyer’s remorse here! (Photo via Getty)
Libra: September 23 – October 22
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Big changes are a-comin’, especially when it comes to testing out a new beauty look or revamping your style. But not so fast! With retrograde on the horizon (mark your iCal for this Tuesday), you should hold off on taking any drastic risks you could potentially regret within 24 hours. Before getting inked or trying out a chic lob, start a Pinterest board of inspo and consult friends for advice.
Read This: Word on the street is that grombré is the fall hair trend you need to try. Who knew granny hair could be so chic?
Scorpio: October 23 – November 21
This is the week you finally turn some of your online connections into IRL friendships. After months of skyping and tweeting back and forth with a blogging pal, a chance meetup in your hometown could be well underway. Revamping your blog or debuting a fancy schmancy new online portfolio? Keep making those revisions and steer clear of launching while Mercury is in retrograde.
Read This: Wait for it… Here’s how to build an online portfolio that will get you hired. Girl, you’ve got this.
Sagittarius: November 22 – December 21
Don’t back down now, Sag! While job searching can be an intimidating process, don’t be afraid to take a crazy chance. Even if it means moving across the country or having to start as soon as tomorrow. At the same time, resist the urge to take a position that’s below you or spruce up your resume with skills you don’t actually have. A little white lie (or two) could get you into major trouble with the higher-ups.
Read This: Adventure awaits you! This new trend wants you to quit your desk job and travel the world. (Photo via Getty)
Capricorn: December 22 – January 19
Just because you’re not heading back to school in the traditional sense doesn’t mean the learning has to end. Between adult degree programs, online courses (try Lynda.com!) and workshops in your community, there’s no shortage of opportunities for you to get back into the classroom. Find something you’re passionate about — like learning how to use a DSLR camera or coding like Karlie — and you’ll be able to add yet another skill set to your CV.
Read This: Self-taught photographer in training? Oh yeah. You can learn how to take amazing portraits with this upcoming class. (Photo via Sarah Deragon, Sarah Deragon Photography)
Aquarius: January 20 – February 1
As summer “unofficially” comes to a close, a well-earned vacation is in your near future. Gather your squad for the ultimate LDW getaway — whether it’s a low-key weekend at the beach or a bachelorette-party-turned-excursion in paradise. DO make sure to scroll through reviews on TripAdvisor to ensure the place you’re staying is actually five stars and not some old, run-down beach lodge.
Read This: Unfortunately, vacay can’t last forever. Here’s how to return to reality after an amazing trip. (Photo via Getty)
Pisces: February 19 – March 20
Romance is in the air for fellow Pisces who are ready to get back into the playing field. Just when you thought you had exhausted your resources and swiped left one too many times, the Prince (or Princess) Charming of your dreams makes a happy appearance. Already coupled up? It’s time to add some experimental date nights into your usual routine. Instead of dinner and a movie, try something spontaneous like rock climbing or, better yet, go apple picking.
Read This: ‘Cuz we all know that dating is a slippery slope of ups and downs at best, we asked five comediennes to solve your most annoying dating dilemmas. These ladies know what’s up. (Design via Marisa Kumtong)
Aries: March 21 – April 19
September not only ushers in the arrival of early-fall weather, but it’s the perfect time to get back into tip-top shape. After a summer spent sippin’ fruity calorie-filled cocktails at the beach, a little health kick could be just what the doctor ordered. Make an effort to head to SoulCycle bright and early, start packing healthy brown bag lunches and opt to walk during your morning commute when time allows.
Read This: No more excuses! Check out these seven YouTube arm workouts for every day this week. Count us in, please. (Video via POPSUGAR Fitness)
Taurus: April 20 – May 20
As someone who doesn’t fancy the finer things in life, you’re all about finding the simplicity in the everyday. Be it using cruelty-free beauty products, going vegan or embracing the great outdoors as your primary source of working out, these next few weeks will be dedicated to dialing things down a bit. Rocking an all-natural, no-makeup look to work — while treating yo’self to a scrumptious acai bowl for breakfast — could be in your near future.
Read This: Say buh-bye to chemical-laden hair treatments and not-so-good ingredients in your everyday makeup and skincare products. According to experts, these are the best green beauty products out there.
Gemini: May 21 – June 20
Just as you frantically had an urge to redecorate your humble abode back in May, the arrival of September is giving you ALL the fall decor vibes. Think: autumnal tablescapes, maroon-colored walls and pumpkin spice-scented candles to set the mood. Before dismantling your beach bungalow or consulting any feng shui bagua maps, you’re going to want to hold off until after September 22 to make any drastic changes.
Cancer: June 21 – July 22
Speaking your mind is both a blessing and a curse, Cancer! Especially when Mercury is in retrograde, and everything you say can be taken out of context. It would behoove you to steer clear of social media these next few weeks. Political rants on Facebook and drunken Snapchats could get you in serious hot water with the higher-ups. The same goes for email: Don’t make the rookie mistake of pressing “Reply All” on a mass work email or hitting send until you’ve thoroughly proofed it for errors.
Read This: This just in: Here’s what you need to know about this scary iPhone attack. It’s better to be safe than sorry. (Photo via Getty)
Leo: July 23 – August 22
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After a summer spent working on various freelance projects, a little spending spree is in order. Just be sure to hold off until the retrograde storm has passed in case a few unpaid bills (or unexpected apartment fees) turn up. In the meantime, start adding fall fashion and beauty splurges to your secret shopping board on Pinterest, so you can snag ‘em later this month.
Read This: Speaking of shopping your heart out, here’s where to snag the best shopping deals for your zodiac sign. You’re welcome.
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