Here Are This Season’s Television Hits and Misses (So Far)
Probably the best part about a new television season isn’t just checking out all the latest shows, it’s also seeing what’s working, what’s not and finding out that the show you maybe didn’t think you’d like is actually the best thing on TV. We patiently wait for new seasons every year after the Upfronts happen in the spring, and there’s truly nothing as exciting as checking out all the new TV in September.
The Good Place, NBC Thursdays: How can we not love a new sitcom featuring Kristen Bell and a silly concept that in anyone else’s hands might not work? The show was created by Mike Shur, who also created Parks and Recreation and The Office, so if you liked either of those shows, you know why this is doing so well.
This Is Us, NBC Tuesdays: This was a surprise for everyone! This drama tells the story of four people who share the same birthday (all turning 36) and all have a surprising connection. The trailer has been viewed 64 million times on Facebook, and the first few episodes have done well. This might be the show of the year.
Atlanta, FX, Tuesdays: Well it looks like our DVRs will be working overtime on Tuesdays. This FX show appears to be a runaway hit, and star/producer Donald Glover’s goal to make a different kind of show is certainly paying off.
Lethal Weapon, Wednesdays, CBS: Why anyone thought it would be a great idea to reboot a classic buddy cop movie franchise as an hour-long TV comedy is beyond us. The whole idea of two totally different people forced to work together is so played out at this point, that the whole idea itself is boring.
American Housewife, ABC, Tuesdays: You’d think that this comedy would be right up your alley, but the jokes are flat, the story is pretty standard and, overall, the show is pretty meh. It’s too bad, because the cast is so promising.
Timeless, NBC, Mondays: Color us shocked! This sci-fi show follows a heroic group who travel through time fighting bad guys. It’s great because of all the historical places it goes, it’s fast paced and it has a super cool female leader. You should definitely give this one a shot if you’re not sure about science fiction but ready to try something new.
Insecure, HBO, Sundays: Everything about this show is perfect. Created by The Misadventures of an Awkward Black Girl‘s Issa Rae, the show centers around Rae, her floundering career and not-so-great relationship. The show is funny, fresh and definitely worth having HBO for.
What’s your favorite new TV show? Tell us @BritandCo!
(Feature photo via Neilson Barnard/Getty)
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