Summer is right around the corner. And you know what that means? Father’s Day is also around the corner. We’ve started to think about dear old Dad (and the dear young dads out there, too!), and we’ve got loads of gift ideas to share with you. Among them is a DIY that will make him feel extra special whether he’s a suit-wearing kind of guy, a loungewear guy, or maybe really into jean shorts.
Either way, we believe that Father’s Day is an occasion to get dressed up. And what better way to encourage Dad to get fancy than gifting him a hand-crafted bow tie? We’ve shown you how to make felt bows before, and even a collar bow tie for your pooch, so now we’re going to whip out the sewing machine and make a hand-stitched bow tie. Yeah, we’re sophisticated like that (and now Dad can be, too!).
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– fabric
– iron-on interfacing
– paper
– chopstick or other small dowel
Tools:
– sewing scissors
– craft scissors
– pencil
– measuring tape
– pins
– sewing machine
Instructions:
1. Fold your paper in half. Then, draw a paper bow tie. This should look like a mix between a bow tie and a fish with a square snout. We made ours about six inches long.
2. Cut out your drawing. You will have two identical paper bow ties.
3. Fold your fabric in half and measure your dad’s neck size on the center of the fabric (this may require some sleuthing. We used 17 inches as our measurement). Be sure that there’s at least six inches of fabric on each end of your measurement. Mark both ends with pins.
4. At each end of your measurement (1 inch and 17 inches) pin your paper bow ties.
5. Cut the fabric around your paper bow ties and cut a strip between the two. Detach the paper bow ties after you finish cutting out your tie. You will have two very long identical bow ties.
6. Place one piece of your tie on top of the iron-on interfacing and trace around it. Cut out the iron-on interfacing, cutting slightly inside your line so that it is a little bit smaller than your fabric bow tie.
7. Iron the interfacing to one of your fabric bow ties. Be sure to iron it to the backside of the fabric.
8. Place the other fabric bow tie inside out on top of the one with the interfacing. Pin them together.
9. Starting in the middle of the bow tie, sew around the edges leaving a 2-3 inch opening.
10. Carefully turn the bow tie right side out using the chopstick or small dowel to push out the corners. Iron your now crinkly bow tie.
11. Sew the opening using your machine. The stitch will show but that’s okay because this is on the back side of the bow tie.
12. Watch our “How to Tie a Bow Tie” tutorial and you’re all set!
Start by folding your paper in half and then grab your pencil. You’re going to have to draw, which can be intimidating, but we know you can do it! Think about drawing a fish. It’s got a tail and an almond-shaped body. And this fish is going to have a funny little nose. Do fish even have noses? It’s more of a nose-mouth-beard-chin. A muzzle, if you will. Your fish (or paper bow tie we’ll call it) should be about six inches long. Cut out your paper bow tie. You should have two identical pieces.
Okay, here’s the hardest part of this tutorial. You need your dad’s neck size. We recommend creeping around in his closet or casually bringing up your newfound interest in the difference between a chimp and a human neck and measuring your dad’s neck in the name of science. It works every time. We’re willing to bet you should be safe with a measurement like 17 inches.
Fold your fabric in half and then measure your dad’s neck measurement on the fabric, leaving at least six inches on each end. Pin your paper bow ties to the ends of your measurement (there will be one pinned at 1 inch and one pinned at 17 inches). Cut around the paper bow ties and along the strip in between the two. Think of it like this — your two fish should be connected by a long piece of spaghetti, Lady and the Tramp style. Separate your fabric and you should have two identical bow ties.
Get out your iron-on interfacing and place one of the fabric bow ties on top. Trace around the edges and then cut slightly inside the line. Iron the interfacing to the backside of one of your fabric bow ties. This will help stiffen the bow tie.
Now place your other fabric bow tie on top of the one with the iron-on interfacing. Make sure both are facing inside out. Pin these together. Starting at the center of the bow tie (the middle of the spaghetti), sew around the bow tie leaving a 2-3 inch opening.
Turn your bow tie right side out using the chopstick or small dowel to encourage it through and poke out the edges. Get the iron out and press your bow tie. Close the opening using your sewing machine. The stitch will show but that’s okay because this part will be on the back of dad’s neck under the collar. That’s it! You’re done. All that’s left is to figure out how to tie one of these suckers. Good thing we’ve got a tutorial!
Not too shabby, Mike! Let’s hear it for our stand in Brit + Co. Dad!
So dapper! We love that you can tailor the look to your dad’s (probably awesome) style. It’s so much easier than choosing between boring patterns in a department store. Plus, we’re sure he’ll love anything made by his doting daughter and wear it proudly. Aww, Daaaad!
Happy Father’s Day to all, and to all a good bow tie!
What other DIYs are you making for your dad this Father’s Day? We’d love to hear your ideas!
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