Here Is What Went Down at IKEA’s First Ever Fashion Show
IKEA has always been our go-to shop for stylish, affordable and functional furniture, but now it looks as though the brand has decided to step outside the blue and yellow box for a few of their 2016 products. Expanding beyond the world of home goods, the Swedish decor giant has teamed up with Milan Fashion Week and two fashion designers to present their two new collaborations in a whole new way: a runway show.
Before we jump into the recap, here’s a little bit of background info about the upcoming collaborations: The two designers IKEA has teamed up with are Martin Bergström and Katie Eary. Bergström worked with the furniture brand to create a monochromatic collection inspired by India. His line consists of pieces like bed sheets, rugs, bowls and glassware. Katie Eary is a London-based designer whose aesthetic is typically super colorful, bold and patterned. She worked with IKEA to create stylish aprons, shopping bags, cushions, dinnerware and lamp shades.
As the lights went up, the show opened with three male models rocking airy, abstract pieces by Bergström. As they walked out it started like a normal fashion show would, but then all three models broke out into a sort of interpretive dance. Then more models joined them and the runway kind of turned into a giant (very well-dressed) dance party. As they wrapped up, Bergström made a brief appearance with his models to take a bow.
After that, the “IKEA Fashion Crew” came out and made some adjustments to the stage, and then it was time for Katie Eary‘s designs to make their debut. Unlike the presentation of Bergström‘s collection, Eary’s was more straightforward. Models rocking giant eyeball helmets walked the runway holding dinnerware, lampshades and pillows, which they then placed on a minimal bar at the end of the stage. After the table was set, Eary apparently decided to kill two birds with one stone, as the looks from her womenswear line (unaffiliated with IKEA) then made their debut down the runway.
While these presentations (especially Bergström’s) may give the impression that IKEA is making a leap into clothing, that’s not actually the case. Both collections are heavily focused on prints, but staying true to the Swedish brand, they are in actuality home-decor focused. But like most runway shows, IKEA and the featured designers decided to debut the concept and unfiltered spirit behind the upcoming lines (at least in Bergström’s case) rather than what it will actually consist of.
If you want to check out what these collections will look like in stores, sadly you’re in for a bit of a wait. Just like the rest of the looks debuting at Milan Fashion Week, these designer collabs won’t be available in US stores until the Spring 2016 season. Actually, Eary’s pieces are available in spring, and you’ll have to wait until the fall to score Bergström’s collection. And as far as those dance skills, sweet dance skills? Well, you’re just going to have to watch the runway show on repeat to pick those up.
What pieces are your favorite from these designer collaborations? Share with us in the comments below.
(Photos via IKEA)
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