The stress of giving and gifting is real — you want to make sure that everyone you know gets the perfect present but the search can be exhausting. But stress (and search) no more. Let the stars help you find the perfect gift for your bestie, crush, S.O., boss, work wife, or family member. With astrology by your side to help you through all of your holiday shopping, you can find gifts that will suit everyone's style and sign. Win-win!
Aries
Self-Heating Ceramic Mug ($75)
The mind and heart of an Aries runs hot 24/7 and never chills down — not even in the winter. Therefore, you will need to get them a gift that allows them to burn bright. A cup warmer for their tea or coffee will keep their desirous hearts feverishly hot.
Taurus
Floral Press Jewelry Box ($68)
Real talk: Tauruses are very glamorous and known for their beautiful taste in jewelry. But, they don't always have proper places to store all of their lovely trinkets, rings, and baubles. A sweet, delicate, floral, and simple jewelry box will speak to their Venusian sentiments.
Gemini
CASETiFY Impact Footprints iPhone Case ($50)
Yes, Geminis are super chatty. But, that's not why you should get them a cell phone case. The real deal is that they are very indecisive and need options to adorn their favorite object: their phones. Therefore, a chic and artsy phone case to add to their collection is ideal.
Cancer
Mystic Mondays: The Crystal Grid Deck: An 80-Card Deck to Charge Your Intentions ($26)
This year has been super intense for your Cancer bestie. They need some mystical comfort to help get them through these times. A deck of crystal tarot cards will not only evoke their intuition, but will also help them find ways to achieve balance and chill out over the holidays.
Leo
Packard Bell Home Theater Projector And Screen ($98)
Leos have a flair for theatrics, which means that they will like anything that can bring drama to life. And there's nothing better than a projector and screen to indulge their playful sentiments. This gift will enable them to bring movies to life, so they can act out scenes IRL.
Virgo
Cloche Terrarium Kit Large ($60)
Being an earth sign, Virgos find solace and comfort when connecting with the land. If they can't go outside and plant, then they will lust after their very own DIY one-of-a-kind terrarium that they can put together themselves (all the more reason why you should purchase this present for them).
Libra
Motivational Word Necklace ($16)
The best gift anyone can give a Libra is sparkly and gold jewelry. They envision a future filled with champagne wishes and caviar dreams. So, why not support their dreams by giving them a cute gold necklace to ensure they boss up and achieve their goals.
Scorpio
WTHN Acupressure Ear Seeds ($45)
Scorpios are the most transformative sign of the zodiac. With their evolutionary ways comes a need for progressive self-care. A set of acupressure ear seeds will not only alleviate tensions felt within, but this healing set will change their total vibe making them feel better and stronger in the process.
Sagittarius
Boy Smells Hypernature Votive Set ($58)
Sag's relish in joy when surrounded by exotic essences and flavors, which means that they'll need a fragrant and pungent gift to seduce their fiery senses. Therefore, an assortment of candles with rare scents and combinations will prove to be the perfect present for your sparky pal this holiday season.
Capricorn
Bar Set Cocktail Shaker Set ($50)
All work and no play can make any sea-goat dull. Give them a gift, like a mixology set, that will help them take the edge off after a hard day's work with an aperitif of their own making. They can use this set to make nonalcoholic beverages and juices, too.
Aquarius
Impala Rollerskates Impala Quad SkateImpala Quad Skate ($100)
Real talk: Aquarians like to be free and feel the wind in their sails, which is why they'll be beyond grateful to receive a cool pair of roller skates. Not only that, but they'll totally adore the metallic color of these skates. It will make them feel extra special and smile.
Pisces
Can You Feel It Cushion Beginner Knitting Kit ($59+)
As the most creative sign of the zodiac, Pisces need an outlet for their imagination and artistic energy (which makes purchasing a gift for them hard). A knitting kit will do all that, plus give them the chance to take up a new medicative hobby that will ease their minds.
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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