
While Father’s Day might just be another Sunday in June to many, for new dads, this day has special meaning.
1. John Legend: The “All of Me” crooner and his supermodel/cookbook author/funny woman wife Chrissy Teigen welcomed daughter Luna Simone on April 14. Chrissy, who conceived via IVF, has been quoted saying, “I picked the girl from her little embryo. I picked her and was like, ‘Let’s put in the girl.’…I think he deserves a little girl. I think he deserves that bond.” Aww. (Photo via Raymond Hall/Getty)
2. Prince Carl Philip of Sweden: Sweden’s Jamie Dornan-lookalike prince (anyone else see it?) married former model/reality show personality Sofia Hellqvist in 2015, and this year, the royal couple welcomed their teeny son Prince Alexander of Sweden. (Photo via Erika Gerdemark/Kungahuset.se/Facebook)
3. Louis Tomlinson: The One Directioner became the first member of the band to be a father when his pal Briana Jungwirth gave birth to their son Freddie on January 21. The proud dad has since posted several squee-worthy pics on his social accounts of his little boy.
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4. Justin Baldoni: The Jane the Virgin star and his actress wife Emily Foxler are the doting parents of Maiya Grace, who was born June 27, 2015, and thereby missing Father’s Day last year by just six days. This one will be his first with his little girl!
5. Ben McKenzie:Gotham co-stars Ben McKenzie and Morena Baccarin surprised everyone when they announced they weren’t just dating, but also, that they were expecting! The couple welcomed Frances Laiz Setta on March 3, 2016. (Photo via Bryan Bedder/Getty)
6. Michael Phelps: The Olympic gold medalist (he holds 18! — double the next medalist who has the most) and his former Miss California USA wife Nicole Johnson became first time parents with the birth of their son Boomer Robert on May 5.
View this post on InstagramThere's nothing better. Thanks for the photo @funkynate
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7. Brandon Jenner: Caitlyn Jenner’s son Brandon (big bro to newly-engaged Brody!) and his wife Leah took a page out of the traditional + gender-neutral baby name book when they named their daughter Eva James, born July 22, 2015. (Side note: Those lashes!!)
View this post on InstagramMatching onesies. Dat ass. Merry Christmas to me.
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8. Andy Roddick: The retired tennis star who once held the title of World Number One Tennis Player added a new epithet to his name when his model/actress wife Brooklyn Decker gave birth to their son Hank on September 30, 2015: DADDY.
View this post on InstagramOur intimate #Grammy viewing party tonight 🍼🍹@charleskelley
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9. Charles Kelley: The Lady Antebellum singer (and bro-in-law of Katherine Heigl. Yes, really!) will be ringing in Father’s Day with the help of his wife Cassie McConnell and their little one, Ward Charles, born February 11.
10. Dave Annable: The Brothers & Sisters star and his former co-star (same show!) Odette Yustman walked down the aisle back in October of 2010, and they welcomed their little girl Charlie Mae in September of 2015. Aww.
View this post on InstagramCo-chillin in Palm Spring with baby Aiya for some much needed R&R @aristailona
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11. Andrew Keegan: The ‘90s heartthrob-turned-community spiritual temple leader (we’re not joking) and his girlfriend Arista Ilona became parents to daughter Aiya Rose on March 15. “Our hearts are full of love, and we are thrilled to embrace our role as her parents,” Andrew said in a statement. That sun hat though.
12. Jeff Goldblum: The oldest new daddy on our list, actor Jeff Goldblum became a father at the age of 62 when his wife, former Olympic gymnast Emilie Livingston, had their baby boy Charlie Ocean on July 4, 2015. Yep, the Independence Day actor had his first kid on Independence day. (Photo via @emilielivingston)
13. Sam Claflin: The Me Before You actor and his wife Laura Haddock might have the best meet-cute ever: The actor saw her at an audition and just knew. “I called my agent, I said, ‘Mate, I am in love… I have just met the woman I want to marry.’” The secretive couple welcomed their baby in December, but they haven’t revealed the gender or name. Cheers to them anyhow! (Photo via Karwai Tang/Getty)
View this post on InstagramI don't mind changing diapers and feeding him at all. #love
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14. Nick Carter: The Backstreet Boy is celebrating his first Father’s Day as a papa this year (*sound of millions of ‘90s teeny bopper hearts breaking*), after his wife Lauren Kitt gave birth to their son Odin Reign on April 19. Now that’s quite a name.
15. Mark Zuckerberg: The Facebook founder and his wife Priscilla Chan have been really open about their struggles with miscarriage and infertility — which is what makes Mark’s first Father’s Day so bittersweet. Daughter Maxima (or Max for short) was born on December 1, 2015. (Photo via Mark Zuckerberg/Facebook)
16. Matt Dallas: The Kyle XY alum and husband, musician Blue Hamilton, became dads last year when they adopted two-year-old son Crow. Aside from being crazy photogenic on social media, this family certainly looks like they know how to have fun with each other.
17. Cam Newton: Carolina Panthers QB and his longtime girlfriend Kia Proctor welcomed their baby boy Chosen Sebastian on Christmas Eve of 2015. The super private QB hasn’t shared any pics of his son on his social channels yet, but this photo of the athlete posted by his GF says plenty about how cute he must be as a father. FYI, Cam’s signature move on the field is dabbing — which is what he and his mini me are doing on his shirt.
View this post on InstagramGood day Sunshine:-) #summerlovin #haveabeautifulday
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18. Kevin Durand: The 42-year-old Dark Angel actor is celebrating his first Father’s Day this year with the help of his wife Sandra Cho and their daughter, Amélie Moon, born August 30, 2015. Eeks, that might be the cutest name we’ve heard in a while!
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19. Kevin Zegers: The Gossip Girl hottie became a dad for the first time TWICE OVER when his wife Jaime Feld gave birth to twin girls in August of 2015. If that’s not adorable enough, wait ’til you hear their names: Zoë Madison and Blake Everleigh.
20. Brian Tee: Just look at those adorable matching smiles on the The Fast and the Furious: Tokyo Drift actor Brian Tee and his baby girl Madelyn Skyler. His wife, actress Mirelly Taylor, gave birth August 10 and their little one is now nine months old.
View this post on Instagram8months .looking 2 cool in daddy's hat.
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21. Evan Ross: The Hunger Games actor married Ashlee Simpson in a swoon-worthy wedding in the backyard of his mom Diana Ross’ Greenwich, Connecticut estate back in August of 2014, which made him stepdad to Ashlee’s son with Pete Wentz, Bronx Mowgli — but we’ll include Evan on the list anyway. The happy couple welcomed their daughter Jagger Snow on July 30, 2015.
Do you know any first time dads this Father’s Day? Tweet them this article and tag us @BritandCo!
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