DIY Astro Guide: What Your Horoscope Means This Week, 3/21/2016
Spring is officially in full swing! As cliché as it may sound, a new season marks a fresh beginning. Seize the moment by saying “yes” to new adventures that push you to step outside your comfort zone. Be open to swiping right on Tinder or signing up (and training) for a 5K in April. What do you have to lose?! Let the Easter celebrations begin a tad early with an Easter egg decorating contest and maybe even an end of the week office potluck dinner. Make plans to enjoy lunch outside with a few co-workers, and scroll down to see what the stars have in store for you in this week’s AstroStyle horoscope.
Now that you can finally ditch the tights and boots for springtime florals and lighter layers, a little wardrobe reboot may or may not be in order. Call up a personal stylist (AKA your stylish BFF) who will be able to help you hone in on a signature style.
Read This: Look no further than these 21 pieces every girl needs in her capsule wardrobe this spring. *Adds everything to cart.* (Photo via Topshop)
Taurus: April 20 – May 20
Healthy living is the name of the game this week. Say buh-bye to unhealthy eating habits and hello to a gym membership that will get you up and moving. Don’t worry: You can start your cleanse after Easter Sunday. Enlist a workout partner who will hold you accountable for your spring fitness goals and push you to run that extra mile.
Read This: If you want to tone up, then you’re going to have to work for it. Read on to see what it’s like eating + working out like a Victoria’s Secret Angel for a week. (Photo via Dimitrios Kambouris/Getty)
Gemini: May 21 – June 20
Before you RSVP to yet another springtime engagement, make sure that you actually have room in your iCal. Avoid spreading yourself too thin by penciling in a few low-key Sundays and only accepting invites that are near and dear. Being the life of the party all the time can get exhausting for anyone, Gem.
Read This: Solidify your professional hostess status by inviting your friends to your spring party with this free RSVP template. We’re obsessed. (Photo via Brit + Co)
Cancer: June 21 – July 22
Between updating your decor with touches of spring and finding a new roomie (perhaps your bestie from college), major changes are on the way. Before encountering any decorating fiascos or ruining a longtime friendship, avoid hastily making any decisions that you might regret down the road.
Read This: Cramped for space? Check out these two ways for city dwellers to make more out of awkward spaces. (Photo via Chris Andre)
Leo: July 23 – August 22
Break out (or renew) your passport, and make travel a priority. Don’t fret if you didn’t get a chance to travel anywhere over spring break. It’s never too late to book a spontaneous trip for some worldly exploration and self-discovery. Even if it just means a cross-country road trip, nothing beats discovering a new city with friends (or solo!) on a whim.
Read This: Before embarking on any future trips, check out some of the biggest travel mistakes, as told by four female travel experts. The more you know! (Photo via Getty)
Virgo: August 23 – September 22
Emotions will be flying high all this week as you get a major case of spring fever. Things will especially be heating up in the romance department. Between swiping right on Tinder hotties and pursuing relationships beyond the friend zone, you won’t be flaunting your single status for long. Already coupled up? A Bachelor style proposal may be in your cards.
Read This: Calling all workout enthusiasts: This dating app is perfect for all fitness lovers. Just think of all the outdoorsy dates that you’ll be able to go on! (Photos via SWEATT)
Libra: September 23 – October 22
After being stuck in a rut for the past month or so, you’re more than ready to embrace a fresh start. Get in touch with your creative side by finding new hobbies (gardening! blogging!) or taking a sartorial risk (or two). Step back into the spotlight by hosting a spring brunch consisting of both old and new friends alike.
Scorpio: October 23 – November 21
No more excuses, Scorpio! Organized chaos just isn’t going to cut it for much longer. While spring cleaning may not be your jam, it’s time to streamline your workspace and declutter your closet once and for all. Not only will your personal sanity thank you, but you’ll finally have room to invest in a pink couch for your bedroom or splurge on those gingham ballet flats that you’ve been eyeing. #Winning
Read This: Calling all fashionistas: Here’s when you should toss your favorite closet basics. Can you say closet detox? (Photo via Brit + Co)
Sagittarius: November 22 – December 21
Get ready for your close-up. The arrival of spring has you itching to test drive an entirely new look. Between updating your makeup routine with a few new tried-and-true products and investing in a pair of the season’s “it” slides, you’ll have your work cut out for you. Who knows — you may even be inspired to pen your very own style blog or launch a beauty YouTube channel!
Read This: Less is so much more. Check out these five ways to get fresh for spring without any makeup. We’re so down. (Photo via Chris Andre)
Capricorn: December 22 – January 19
Whatever you do, don’t forget to stop and smell the roses. Literally! Push yourself to embrace nature all this week (and beyond) by enjoying lunch outside on the veranda and saying “yes” to picnic dates in the park. Instead of running on the treadmill, treat yourself to an early morning bike ride.
Read This: Get ready to turn every dog walk or bike ride into an adventure with Likeways, an app that feeds your wanderlust. Sign us up. (Photo via Getty)
Aquarius: January 20 – February 18
So much YAS. With your favorite season underway, you’re feeling more pumped than ever to go out and accomplish all of your personal goals. Be it booking a one-way trip to Europe for the summer or turning your side hustle into a career, spring is already shaping up to being a game-changing season.
Read This: Look no further than these eight ridiculously easy ways to travel more this year. The world is your oyster, Aquarius! (Photo via Getty)
Pisces: February 19 – March 20
Whatever you do, resist the urge to splurge this week. Remember that money (and clothes) can’t buy you happiness. Instead, gather your friends for an Easter brunch and scroll through Pinterest for some fun spring DIYs that you can make on a budget.
Read This: Get ready to start swooning: This is the ultimate watercolor Easter brunch — complete with bunny waffles, no less! (Photo via Chris Andre)
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