Whether you're braving the latest Nor'easter or bundling up for the winter thaw, the biggest fashion lesson you can learn in order to survive the chill is the art of layering. And no one does fashion-forward layering better than celebs, who make everything from a classic wool coat over a turtleneck to a less conventional zip-up onesie under a trench look oh-so-chic. Scroll through for cold-weather outfit inspo to get you through these (hopefully) last few chilly weeks.
Victoria Beckham: Beckham looked posh as ever layering an oversized gray blazer over a business casual button-up. (Photo via SAV/GC Images)
Gigi Hadid: The Maybelline ambassador masters monotone casual cool with a black shearling jacket layered over a matching hoodie. (Photo via Gotham/GC Images)
Nicky Hilton: The New York socialite stopped by the United Nations earlier this month in a sophisticated black sweater and tan skirt combo. (We're not hating that Hermès handbag either.) The black wool coat draped over her shoulders adds an on-trend touch. (Photo via James Devaney/GC Images)
Meghan Markle: The royal-to-be showed that winter layering doesn't have to come at a high cost. Her navy blue coat is courtesy of J.Crew. (Photo via Neil Mockford/GC Images)
Kate Bosworth: The stylish 35-year-old actress was photographed in NYC earlier this month wearing a floor-length white trench over a simple all-black outfit. (Photo via Gotham/GC Images)
Reese Witherspoon: The A Wrinkle in Time star stopped by Good Morning America wearing an oversized belted white overcoat, a black beanie, and glam shades. (Photo via James Devaney/GC Images)
Martha Hunt: Keeping warm doesn't mean you have to be bulky! Eschewing an overcoat, the Victoria's Secret model opted for a bright orange, extra long turtleneck paired with a long pink skirt and boots. Tanks and tees make great base layers under such a form-fitting look. (Photo via Raymond Hall/GC Images)
Ariana Grande: The "Side to Side" singer proves that wherever there's chilly weather, puffers will have a place. Here she is wearing an extra large baby blue number layered over a graphic printed white tee. (Photo via GC Images/GC Images)
Bella Hadid: The model is giving us serious Matrix vibes in a belted black leather trench layered over a zip-up gray jumpsuit layered over a gray turtleneck. (Photo via Marc Piasecki/GC Images)
Hailey Baldwin: Her Off-White trench-length wool-blend coat looks super sleek layered over a silky black PJ-style onesie and paired with to-die-for white booties. (Photo via PG/Bauer-Griffin/GC Images)
Whitney Port: The mom of one shows us how an oversized blazer with a little bit of embellishment can make a very big statement. (Photo via John Shearer/Getty Images for Vanity Fair)
Which one is your favorite? Tweet us @BritandCo!
Which one is your favorite? Tweet us @BritandCo!
(Featured photos via Neil Mockford/GC Images and Gotham/GC Images)
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
The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regards to your individual situation. Comments concerning the past performance are not intended to be forward looking and should not be viewed as an indication of future results. Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. O'Keeffe Financial Partners and any other entity listed herein is not affiliated with Kestra IS or Kestra AS Investor Disclosures: https://bit.ly/KF-Disclosures