We’ve all been there: chilling with friends in a backyard, knocking back drinks on a bright, sunny day. You swear you only put your beverage down for a few seconds, but suddenly you have no idea which cup is yours! Well you can bid those days of hazy confusion farewell. With this DIY Engraved Julep Cup Kit, you’ll never accidentally share drinks with your ex-boyfriend (ugh, who invited him anyway?). We’ll show you how to use an engraving pen to add a custom touch to this cocktail set which contains all of the tools needed to make a mint julep — or any cocktail for that matter.
Customize your julep cups by engraving your nickname right onto it. It’s the perfect gift for a summer wedding, a Derby Day party or a Kentucky Derby-themed wedding!
Never second guessing which cup is mine again? I’ll drink to that!
Materials (included in our kit!):
— engraving pen
— muddler
— julep cups
— jigger
Materials (not included in our kit):
— permanent marker
— nail polish remover
Get your materials together (or get the kit HERE), and let’s get started!
Instructions:
1. Draw your design directly onto the cup using permanent marker.
2. Use the engraving pen to trace your entire design, then go back and fill in the details.
3. When you’re finished, wipe off any remaining permanent marker with nail polish remover.
4. Repeat steps 1-3 with the muddler and jigger. Be careful when removing marker from the muddler — pressing too hard will strip the finish off the wood.
Draw out your design using the permanent marker. Don’t worry about messing up — you can easily wipe off any mistakes with the nail polish remover and some paper towels.
Hold the engraving pen the way you would a pencil. Pushing the button will activate the vibrating tip, which will engrave a wide range of material by scraping the surface. Start engraving by tracing your design. This will create a foundation for you to go back and add onto.
You’ll be able to check the design against the permanent marker.
When you’re happy with the outcome, you can remove the marker using nail polish remover and a paper towel.
You may need to go over the marker with nail polish remover a few times to completely wipe it off of the surface of the cup.
That’s all it takes to add a custom engraved design to anything!
Repeat the same steps with the muddler. Be careful not to apply too much pressure while removing the permanent marker from the muddler. You might strip the finish off.
Repeat the same steps to your jigger to complete your matching set!
Who wouldn’t love getting this awesome cocktail set as a wedding gift?
If none of your friends are in a rush to get married, make this set for you and your best friend, aka the Master of Mischief and her Partner in Crime.
It’s off to the races with your newly minted (terrible mint julep pun very much intended) cocktail cups!
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