DIY Astro Guide: What Your Horoscope Means This Week, 6/01/2015
Today marks the arrival of June, and we’re pretty pumped about it. With a fresh start and a new go-getter attitude, there’s nothing standing between you and accomplishing all of your goals this month. Thankfully, Mercury is only in retrograde until June 11, so hold on tight just a smidge longer, and life will return to normalcy before you know it. Scroll through this week’s DIY Astro Guide for the best parts of your AstroStyle horoscope + what to do about them!
In the midst of potential summer flings, don’t forget to pencil in plenty of quality time with your #girlgang. This weekend kicks off what will be the first of many spontaneous road trips, beach getaways and nonstop FUN.
Read This: Before you set out on a beach-cation with the gals, these are the 21 Items You Need for the Ultimate Beach Bag. We don’t know about you, but this Kale-afornia tote is calling for us.
Cancer: June 21 – July 22
We know you’ve been putting it off, but a massive overhaul is in order. Whether it be finally tackling the monstrosity known as your walk-in closet or wiping your hard drive free of unwanted files, now’s the time to modify, simplify and streamline your life. Allow this to be your mantra for the week.
Download This: Just when we thought that technology was part of the prob, we stumbled upon these 6 Online Tools to Make Decluttering Your Life More Efficient. You can thank us later.
Leo: July 23 – August 22
No more hiding in the shadows, Leo. This week is all about letting go of your insecurities and embracing the confident you. From interviewing for a new job to test-driving a fashion trend that may be a tad out of your comfort zone, you’ve got this.
DIY This: Part of being a fearless trendsetter is knowing How to Turn a Thrift Store Dress into a Hot 2-Piece Set. Channel your inner seamstress for a one-of-a-kind creation that will have everyone asking “where did you get that?”
Virgo: August 23 – September 22
If you’ve been feeling a bit off kilter lately, then a much-needed call home might be just what the doctor ordered. Better yet, make it a point this week to reconnect with old friends and relatives that you haven’t seen in a while. A little FaceTime goes a long way…
Download This: Look no further than these 5 Apps to Save Your Long-Distance Relationship. It’s amazing what technology can do these days. Apps like Tango will even allow you to save and share photos in a private gallery.
Libra: September 23 – October 22
After keeping a low profile lately, now is the time to re-establishing your social butterfly status. Go out, mix and mingle and be on the lookout for interesting people who will get your creative gears turning. You never know; a collaboration may not be too far behind.
Read This: Nervous? Here are 21 Non-Awkward Ways to Start a Networking Conversation With Anyone. Now, go forth, and conquer.
Scorpio: October 23 – November 21
Our senses tell us that Tuesday’s full moon is going to be in your favor. Financial security in the form of a new job offer or freelance gig will present itself when least expected. While it may be tempting to spend, spend, spend, DO start a long-term budget, so that the occasional splurge won’t break the bank.
Read This: Living a frugal lifestyle does not mean that your killer style has to take a hit. In fact, here are 10 Reasons Why Old Navy Is Going to Be Your New (Affordable!) J Crew. We call dibs on these ah-mazing patterned pants.
Sagittarius: November 22 – December 21
Beware of tense situations developing among your inner circle of family, friends and colleagues this week. Just when you think you’re doing someone a favor, you might actually be rubbing them the wrong way. Steer clear of potential disagreements and things should blow over before you know it.
DIY This: When emotions are running high, don’t hesitate to Treat Yo’ Self to Decadent Potato Chip Brownies. There’s something about this salty and sweet combo that hits the spot every time.
Capricorn: December 22 – January 19
If romance is the name of your game, the future looking bright for you. Forego spring flings for deep, meaningful relationships that could end with a proposal if you play your cards right. In the meantime, work on strengthening your bond with regular (if not spicy) date nights.
Read This: With these 16 Ideas for Spicing Up Your Date Night, you’ll have no excuse for playing it safe ever again. Challenge your SO to a silly string battle; that should keep them off their toes.
Aquarius: January 20 – February 18
The social media gods have spoken, and they want this week to be your best (aka most viral) week everrr. Be on your A+ game by posting artsy Insta shots and tweeting up a storm, and who knows? A shout out or sudden boost in followers may just be the recognition that you’ve been waiting for.
Read This: Speaking of social media, the recent release of Tumblr 4.0 is taking the microblogging world by storm (all from the comfort of your smartphone, no less). If you’re a desktop user, don’t fret, here are 9 Tricks to Turn You into a Tumblr Pro.
Pisces: February 19 – March 20
Put a pause on the non-stop work sessions this week and make time for a fitness routine that gets you in the zone. Banish negative energy with an energizing session at SoulCycle or an afternoon of yoga in the park.
Read This: Before you become a full-fledged yoga enthusiast, make sure to check out these 16 Essentials Every Yoga Lover Should Have in Their Bag.
Aries: March 21 – April 19
The star inside of you is ready to shine. If performance art isn’t your forte, then chances are your flair for blogging and staging the perfect #ootd shots might finally be put to good use. Get those creative juices flowing and good vibes will come.
Read This: This Infographic Will Show You What’s Killing Your Creativity. It’s amazing what a little meditation can do for the soul and creative brilliance.
Taurus: April 20 – May 20
Big changes are coming. You’re only a few Pinterest boards away from achieving the charming abode of your dreams. Start collecting visual inspiration now, so that when Mercury turns direct on June 11, “Operation: Home Makeover” will be in full force.
Read This: Whether you’re repainting your entire home or just a few rooms, you won’t want to miss these 15 Ways to Use Color Psychology to Create the Perfect Decor Palette. As it just so turns out, yellow is a statement-making color that exudes positivity. (via Better Homes and Gardens)
What are you planning to do this week? Let us know in the comments below, and don’t forget to check out your full AstroStyle horoscope!
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.
Kobu Agency for Unsplash
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