10 Things We Know About the iPhone 6
Unlike Lindsay Lohan’s 2004 hit, “Rumors” — we are *not* tired of rumors starting when it comes to the next iPhone. Like all next-version iPhones before this one, we know the latest member of the smartphone family will be bigger, better, sleeker and have a line waiting around the block for it. We sifted through the rumors and made a list of the things we know… or at least… we thinkwe know about the next iPhone.
1. There Are Two iPhones Coming: But neither will be a follow-up to the 5c. Forget Apple’s attempt at a budget buy (we’ll have the likely discontinued 4s and the discounted 5s, possibly even a $99 5c for that), the new iPhones will come in two different physical sizes. They’ll probably also have different release dates (more on that later).
2. Here’s What It Might Look Like: Oo and ah, folks — whispers of a bevel-free screen means more surface for those selfies and FaceTime that’s more like BodyTime.
3. It Has Guts: When talking processors, we’re looking at a 20-nanometer A8 chip, smaller and more energy efficient than what’s currently in the 5. Like the last upgrade in iPhone insides, the latest is rumored to include a quad-core 64 bit processor and quad-core graphics — up from the 5’s dual-core. It all sounds pretty hardcore to us. #DadJoke
4. The iPhone 6 Is Bigger: The web is pretty much in consensus about the size of the screen for the two options: 4.7 and 5.5 inches. If you just busted out a ruler, you probably figured out that 5 and a half inches is more Android-size than anything that runs iOS so far. This phablet-style (that’s phone + tablet hybrid) iPhone will probably come out the month after the smaller version.
RocketNews24 posted a 3D printed mockup of what Apple’s foray into phablets will look like (at least in terms of size) and the pix above give you a good idea of what holding that monster will look like.
5. The Screen Is Better: A few different dimensions have been bounced around, but a 1704 x 960 resolution screen is in testing. This TRIPLES the iPhone 5’s base resolution. But that’s only part of it — while you don’t hear people boast about their smartphone’s screen density all that often, that’s one of the more important factors in true iPhone awesomeness. This upgraded resolution means we’ll be looking at sharper, crisper screens thanks to more pixels per inch. Think Apple’s Retina display PLUS. (Photo: Martin Hajek)
6. A Camera Made For Insta… or Feature Films: Remember when your friend first got the 5 and you wouldn’t stop posing for pictures because you looked damn good in every one? Expect a similar jump in quality for the 6, but it may come from a different place than you’re used to. While some sources say the new phone could meet competitors’ specs at around 13 megapixels (compared to iPhone 5s’ 8), others say they will forgo increasing megapixels to focus instead on other ways (like pixel enlarging or greater light transmission) to make the image quality better.
7. iOS 8 = Great: Don’t expect any major design updates from iOS 7 to iOS 8, instead keep an eye out for updated standby apps (like Maps), additional apps (TextEdit and Preview!) and Apple’s entrance into a health-focused, possibly wearables-assisted market (see below!).
8. Healthbook Will Be Even Greater: Like we said, design in the next iOS update may stay relatively the same, but changes hope to pave the way for you to use your iPhone in ways you never have before. Or you have only done with third party apps. Namely when it comes to health monitoring, with its new app that’s Passbook meets [insert name of favorite activity tracking app], Healthbook.
9. A Summer Announcement + Release: While the standard is usually an October release after a September announcement, the 6 might get revealed in June or July and be in stores/your purse by August. We know some super Apple spies here in SF that have NOT told us this but also haven’t not told us this. Feel me? Expect to get your hands on the 4.7 inch version first, with the 5.5 inch version available the month after.
10. We Want It. Maybe this is a given. I’m currently doing the upgrade tango and am not sure which move to make next — my cracked 4S is due for an upgrade and the time is now/this month… but do I hold out for a few more months or what?! August doesn’t seem that far when you think about it…
Will you be standing in line for the iPhone 6 or do you not get the hype with new tech? Psh, maybe your iPhone 4 is puttin’ along just fine… sound off 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