
A sheepskin rug is versatile, comfortable, uber chic and, thanks to IKEA, super affordable. No, you don’t have to live in a rustic cabin to rock the sheepskin look. The fluffy white fur is an ideal accent for any decor style, from modern Scandinavian to colorful boho. If you’re looking to add some stylish texture to your room, nothing gets the job done faster than draping a fur (or faux fur) over the couch. From floor to nursery to bathroom, here are 15 ways to incorporate the classic little IKEA sheepskin throughout your home.
1. In the Nursery: We love layering rugs, and the nursery is the perfect place to do it. Just think, extra padding for those little knees and your knees too. (via Apartment Therapy)
2. In the Dining Room: Drape one or two sheepskin over the backs of your dining room chairs for an instant bit of glamor. Be careful — your dinner guests might never want to leave. (via I Suwannee)
3. As a Bathmat: Is there anything better than getting out of the tub and sinking your toes into a fluffy pile of fur? Sounds pretty luxurious to us. (via Lonny)
4. At Your Workspace: You’ll be downright anxious to get started on those work projects with a seat like this waiting for you. (via Design Sponge)
5. Out on the Porch: Looking to stay warm on those cool summer evenings while you’re sipping on a colorful cocktail outside? Faux fur will add just the warmth you need. (via Lindsey Hene Interiors)
6. As a Photo Backdrop: Use a sheepskin rug as a snazzy backdrop for your Instagram photos to score an endless number of likes. (via @misslynx2)
7. Create a Separate Space: If you’re living the #studiolife, you know how hard it is to make the living room feel like the living room, not the bedroom. Use a big, textured rug to help make the seating area in the living room feel more intimate. (via Apartment Therapy)
8. By the Bed: Whether you have hardwood floors or carpet, you obviously need a fluffy rug under your feet in the morning. Maybe it would make getting out of bed easier? Maybe? (via Elle Decor)
9. For the Most Stylish of Pets: Durable and washable, the little IKEA sheepskin is perfect for making a super pretty doggie bed. (via Old Brand New)
10. For a Softer Seat: When you’re hosting a big dinner soiree and using things like chests and benches as extra seating, sometimes it’s nice to have something a little cozier to sit on. A tuft of fur keeps guests comfortable and makes additional seating more attractive. (via Apartment Therapy)
11. As a Throw Blanket: A fuzzy throw adds a casual warmth to the sofa, a chair or even tossed across an ottoman. (via Damsel in Dior)
12. Add Texture: If you’re going with a neutral color palette, a sheepskin rug is the perfect way to bring texture into the space without using too much color. (via KK Living)
13. As a Runner: The slender shape of most sheepskins make them perfect for warming up a narrow hallway. Just make sure you put down some non-stick padding so you don’t go sliding into a wall. (via My Domaine)
14. For Unexpected Upholstery: From bar stools to benches and poufs, sheepskin looks great covering just about anything. DIY two of these little stools and then try to decide where to put them. (via French for Pineapple)
15. Anywhere Else You Can Think of: There is no better way to instantly coz-ify a reading nook, breakfast nook or even your closet than with one or two sheepskin rugs. (via Design By Numbers)
Do you have any sheepskin rugs in your home? Tell us your favorite place to add some fluff in the comments below!
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