
It’s hard to deny the power of this year’s record-breaking summer. That sound you’re hearing? It’s the collective panting of dogs from coast to coast. Hopefully you and your dog reaped the benefits of this sweltering summer, from doggy pool parties to summer slushies, while avoiding the perils of the season (dehydration, sunburns and that dreaded end-of-summer malaise). With the dog days of summer behind us, we’re pretty excited for sweater weather. But for all the joys that autumn brings — rainy day reading, tall boots and pumpkin spice everything — we can’t forget about our pups. Scroll on for eight dog-approved fall activities for you and your pal to enjoy.
1. Hit the Pumpkin Patch: Get your dog in on the Halloween action by finding a nearby, dog-friendly pumpkin patch. Beyond the fun of trotting through the fields together, your dog can enjoy the flavors of the season too. See, pumpkins aren’t just a tasty and safe snacks for pups. They’re actually good for dogs too, with high fiber, vitamins and fatty acids that aid your dog’s digestive health. (via @bonjourbrie)
2. Make DIY Dog Treats: It’s cold and rainy outside, aka the perfect time to hunker down in the kitchen and whip up a batch of cookies. This dog-friendly recipe look so good, you might be tempted to try a bite yourself. (Go ahead, we won’t tell!) (via Kevin + Amanda)
3. Creative Costuming: Raptor rottweilers. Pugs dressed as E.T. Hipster terriers. The possibilities for dog Halloween costumes are endless and hilarious. This year, we suggest a couple’s costume for extra awesomeness. This Wayne and Garth totally made our day. (via Amber Christensen/Rover.com)
4. Learn Some New Tricks: Have you been procrastinating on teaching your old dog new tricks? For a rainy day, buckle down and send your four-legged friend to school. In a single afternoon, your stubborn pal could be shaking hands, rolling over and speaking with the best of them. (via Brit + Co)
5. Roll in the Mud: Yes, there are dog boots and puppy raincoats (and yes, they’re adorable). But why fight it? Go puddle stomping together! Get muddy, get crazy and have a blast in the dirt. Then towel off and curl up on the couch together. There’s really nothing better. (via @bonjourbrie)
6. Tailgate Together: Take your dog along to the next big game. Pick up some dog gear from your favorite team and bring your pal to the BBQ. You’ll love the company, and they’ll love the chance to eat a dropped sausage or two.
7. Indoor Dog Treat Hide + Seek: Here’s a good one for a chilly day. While your dog is out of the house, hide tasty treats in every nook and cranny. When she gets back… unleash the hound! She’ll have a blast sniffing out the treats, and the stimulation (mental and physical) will likely result in a nap.
8. Play in the Leaves: Follow your dog’s lead on this one: You’re never too old to jump in the leaves. So go ahead: Frolic!
How will you and your dog be spending time together this fall? Let us know in the comments below!
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