You Can Now Decorate Your Home like Your Fave Hotel
Have you ever walked into a designer hotel lobby or suite and said, “Um, how can I get my house to look like this?” From the fluffy beds to the chic details, there’s style inspiration each time you check in at a new hip spot. You’re not the only one who wants to make their own space feel as welcoming as a hotel, and the founder of Hotelement, Paula Oblen, has made it her mission to make sleek hotel style available to everyone. She’s revealing the design pros’ secrets, and we’re ready to snatch up every piece or furniture and advice. Read on to see a few of our faves.
1. The Viceroy Hotel, Anguilla: This Caribbean hotel takes full advantage of its seaside location by incorporating the colors of a sandy beach and textures of driftwood. Hotelements tells you exactly how to get your hands on a lamp like the one in the suite and how to imitate the color palette by adding touches of charcoal gray.
2. The Iron Horse Hotel, Milwaukee: Housed in a 100-year-old warehouse, The Iron Horse Hotel has a lobby full of industrial details that recall its rich history. Experiment with different finishes in your home, from distressed leather and knotty wood to polished concrete and steel.
3. Avalon Hotel, Miami: Miami is known for its art deco architecture, and The Avalon brings that mid-century style into its suites with a cool color palette that’ll make it hard to forget you’re at the beach. (Not that you’d want to.) Channel that Mad Men vibe at home with low-slung, curvy furniture.
4. B2 Hotel, Zurich: Located inside a former brewery, the historic B2 Hotel combines clean lines with modern touches like glass and concrete. Bring the look home with hammered iron pendant lamps and plush leather.
5. Athol Place Boutique Hotel, Johannesburg: Offering contemporary style in South Africa, Athol Place has nine suites full of details you’d want to take home with you. Mix materials like wood, leather, metal and mirrors to replicate the sophisticated look.
6. The Betsy Hotel, Miami: When you walk into The Betsy, you instantly feel like you’re stepping into a historic Miami landmark, with palm trees and colonial chic design setting the stage for an ideal vacay. Go for the same look with shutters and rich dark woods.
7. Chapman House, Nantucket: The lobby of this hotel, located in the charming island town of Nantucket, is unexpectedly retro. We love its bold use of color. To imitate this groovy style in your own home, Hotelements suggests keeping the overall tone of the room neutral, so your accents really pop.
8. Mondrian Hotel, Los Angeles: This glamorous hotel in West Hollywood uses bright white as the backdrop for its stunning accent pieces and surprising splashes of color. Want to imitate this elegant look in your home? Hang white curtains, accent with black pieces and don’t be afraid to mix patterns.
9. The Parker Hotel, Palm Springs: There’s nothing boring about a trip to Palm Springs, so your hotel shouldn’t be boring either. The Jonathan Adler-designed lobby is eclectic and retro, with artful pieces that are perfect conversation starters.
10. Thompson Hotel, Beverly Hills: You would expect nothing less than modern luxury in the heart of Beverly Hills, and the Thompson’s bedroom suites don’t disappoint. Imitate the minimal style with plenty of storage to hide all your clutter.
Have a favorite hotel whose style you want to steal? Let us know in the comments!
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