DIY Astro Guide: What Your Horoscope Means This Week, 4/11/2016
Don’t back down now: This is your week to be a boss in accomplishing all of your goals. Be it training for a 5K, launching your side hustle or interviewing for a new job, you’ve got nothing to lose! With retrograde striking back with a vengeance this weekend (mark your calendars for April 17), now’s the time to take a crazy chance that could pay off BIG in the coming weeks. Start planning your festival style and scroll down to see what the stars have in store for you in this week’s AstroStyle horoscope.
Use this week to tackle any lingering projects that got put on the back burner or to pitch an innovative business plan that could bring in the moolah. Between launching a Kickstarter campaign and unveiling an up-and-coming lifestyle website, it won’t be long before the top execs are calling you.
Read This: As you start planning for your next entrepreneurial endeavor, check out these 10 awesome Kickstarter + Indiegogo campaigns you’ll want to back this month. We’re pretty sure that this is the happiest raincoat EVER. (Photo via Kær)
Taurus: April 20 – May 20
This week is all about opening up and expressing your true feelings with those in your inner circle. Rather than sweep things under the rug, lean on a best friend or a sister for unconditional support. The sooner you get things out in the open, the better off you’ll be in the long run.
Read This: This is what you should do when you find out your coworkers make more money than you.
Gemini: May 21 – June 20
You know what they say: Friends who hang out together stay together. Put on your hostessing dress and start coordinating the shindig of the season, complete with tasty cocktails and fancy finger foods. Play matchmaker by introducing your friends to any eligible bachelors who could hit it off big before the end of the night.
Read This: Be it a surprise birthday bash or Sunday brunch, we’ve got you covered with 20 spring party favors to up your hosting game. Your guests are going to be so impressed. (Photo via Paper + Stitch)
Cancer: June 21 – July 22
Channel your inner girl boss all this week by calling the shots as you see fit. From taking on an extra assignment (or two) to meeting up with the execs to discuss a promotion, don’t back down. If you’re still not feeling happy at your current position, then it may be time to offer your services elsewhere.
Read This: Not feeling your current job situation? Check out these six unconventional ways to get a job fast. (Photo via Getty)
Leo: July 23 – August 22
Creativity rules supreme all this week as you find yourself wanting to get your hands dirty and just make stuff. Get in touch with your creative side by painting a masterpiece, planting a garden or meeting up with your boo for a fun ceramics workshop. Not feeling artsy? Hit up an art museum for a day of exploring and becoming immersed in culture.
Virgo: August 23 – September 22
After one too many episodes of HGTV’s Fixer Upper, you’ve been feeling more inspired than ever to make some changes to Chateau Virgo. Whether you want to completely redo your spare bedroom, or better yet, transform it into your very own photography studio, some big decor changes are in order.
Read This: But first, live out your childhood dreams with this new PBteen collection that will make all your indoor glamping dreams come true. Can you say grown-up slumber party for the win?! (Photo via PBteen)
Libra: September 23 – October 22
After weeks of butting heads with co-workers and not seeing eye to eye with your S.O., everything’s finally starting to come together. With shy Libra on the back burner, your true self is ready to come out and play. Embrace open communication and who knows, certain engagements and proposals (business and romantic) may not be too far behind.
Read This: Not so fast! Before you go tying the knot, read on for the six things all couples should do before getting married. You’ll thank us later. (Photo via Getty)
Scorpio: October 23 – November 21
Being the hopeless romantic type that you are, this week is going to be a game changer for you. When you’re least expecting it, the Prince (or Princess) Charming of your dreams will materialize before your eyes. Be it the Sunday farmers market, the DMV or — you guessed it — the produce aisle, you’re this close to finding love.
Read This: Cue the awws: This museum proposal looks like a scene from your favorite romantic movie. (Photo via @MelissaKlotz)
Sagittarius: November 22 – December 21
You were born to stand out, Sag! Because blending in really isn’t even an option, there’s no time like RN to test drive a scene-stealing new look or to switch up your makeup routine with some next-level contouring. Whatever you do, be sure to document it on Insta for your 15 seconds of fame.
Read This: This just in — the rainbow cat undercut is the most creative hair look you’ll ever see. We’re so down. (Photo via @laserb.kate)
Capricorn: December 22 – January 19
Before retrograde has a chance to wreak havoc on all of your relationships, set aside some time to clear the air. Man (or woman) up to any mistakes that you might have made, and let go of longtime grudges with distant relatives and friends. Seeking forgiveness is the only way to move forward with a clear conscience.
Read This: Make amends and then plan an epic family reunion to one of these five cold weather spots you HAVE to visit this summer. Just be sure to wait until post-retrograde before booking any getaways. (Photo via Getty)
Aquarius: January 20 – February 18
This week is all about showering your #girlgang with love. From sending an anonymous bouquet of blooms to your bestie in celebration of her recent promotion to hosting a girls-only garden party-themed brunch, a gathering of all your besties is in order.
Read This: Speaking of showering your gal pals with love, look no further than these 12 perfect “just because” gifts for all your besties. Now, that’s what friends are for.
Pisces: February 19 – March 20
Don’t be intimidated to start thinking about your future — you’ve got this, Pisces! Whether you like it or not, big changes are on the way in both your professional and romantic life. From moving abroad for work to uttering those three little words (in Bachelor-speak, “you’re my person”), don’t be scared to make life-altering changes once retrograde has run its course.
Read This: The world is your oyster, Pisces! Check out these 11 things to do in your 20s that will benefit you for a lifetime. (Photo via Getty)
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.
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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