Clutter is a common woe we know (and loathe!). Instead of getting overwhelmed with the mess this spring, get a jump start on Operation Organization with closet storage hacks that will keep *all* those pretty items contained. No matter how small your space is, you can go from a lackluster clothing hodgepodge to a luxe dressing station with just a few simple DIYs. These projects are easy and require only a few essentials, so you’ll be on your way to stylish space in no time. Scroll on for easy fixes that’ll make your inner hoarder giddy.
DIY Graphic Laundry Baskets
It’s perfectly acceptable to keep your dirty laundry out in the open with these graphic baskets that are as sassy as they are sensible. Customize them with all your favorite phrases or paint colors for a solution that makes it okay to wait a little longer between laundry days. (via Studio DIY!)
DIY Wall Organizer
Corral the cutest items from your closet shelves on a wall organizer with pretty color-coordinating vessels. The real trick to finishing off this piece is jewelry storage — genius! (via Brit + Co)
DIY Marbled Ring Dishes
Rock your ring-hoarding habit in these marbled dishes. The color combinations are endless, so have fun with the creation process — and make a few extra to gift to your BFFs! (via A Beautiful Mess)
DIY Accessory Organizer
Supplement your storage with this easy-make accessory organizer. Stack your best hats, coats, and purses on it to house those items currently crumpled in the corner. (via Brit + Co)
DIY Geometric Closet Panels
Details are everything. Put your jigsaw skills to the test with white-on-white additions that add flair to the everyday closet panel. (via A Beautiful Mess)
DIY Macrame Curtain
Closet doors are so last year. DIY a curtain that gives off all the boho vibes while hiding your closet’s contents inside. (via A Beautiful Mess)
DIY Ladder Shelf
Okay, so this one may not fit in your closet, but it’s a great way to make space IN your closet by clearing out all your trinkets and displaying them in style. (via Brit + Co)
DIY Flamingo Wall Hooks
Your flamingo obsession just entered the bedroom. Use these adorable hooks to display hats and scarves. Or all your bras and undies, why not? Have fun with it! (via Aww Sam)
DIY Acrylic Earring Holder
Displaying your earrings is a surefire way to wear more of them more often, since you’ll actually be able to find the right set to match your outfit. (via A Beautiful Mess)
DIY Color-Dipped Clothes Hangers
Hangers are a closet must, but they don’t have to be boring. Make sure they’re adorable and color coded. (via Sugar & Cloth)
DIY Foam Markers
Prevent the last minute clothing scramble (and messes) with days-of-the-week foam markers. (via Brit + Co)
DIY Copper Eyelash Pink Box
Boxes are useful for more than just storing your pretty jewels. You can use them to keep your unmentionables in order, or to keep tabs on things like your wedding garter. (via Enthralling Gumption)
DIY Fabric Storage Bins
Take one look at this clutch situation and tell yourself you don’t want to have extra storage for sweaters, school tees, and cold weather acessories. We dare you. (via Brit + Co)
DIY Dowel Coat Tree
These are most often found in entryways, but they sure help lighten the load of a buckling garment rack. Throw your sweaters and pants that aren’t ready for the wash on here instead of over the back of the chair. (via Emily Henderson)
DIY Colorful Catch-Alls
Save the bottom of your handbag from the loose change, tissues, scribbled notes, and all the other stuff that ends up there. (via The House That Lars Built)
DIY Trellis Clothes Rack
Store this wall rack in the back of your closet as backup for extra pieces that don’t make it on a hanger… you’ll thank us later! (via Fall for DIY)
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