The Coolest New Stuff Your iPhone Will Be Able to Do on iOS 9.3
Recently we heard that Apple might be tinkering around with emotion detection software to make your iPhone even smarter, but that’s all waaaay down the line. In reality, it’s been a while since there’s been any real movement on the iPhone software update front, but thankfully, we have good news. Today Apple launched their iOS 9.3 beta for testers to try out and we all know what that means — the public version iOS 9.3 is headed our way in the very near future.
1. Night shift: We all know that we’re not supposed to use our phones right before bed because the blue light from the electronics mess with our melatonin levels and keep us awake blah blah blah. Unfortunately, many of us are still guilty of putting in screen time before heading to bed, but thanks to iOS 9.3, it might not be so bad anymore. Night Shift will actually limit the amount of blue light on your screen. Access it through Settings > Display & Brightness >Blue Light Reduction. Then tap on “Schedule” to choose whether you’d like it to manually set or have the blue light gradually decreased from sunrise to sunset automatically.
2. Duplicate still photos from Live Photos: One of the coolest features of the iPhone 6S/6S Plus was Live Photos. Luckily, even if you don’t have a 6S or 6S Plus, you can still see the magic that is Live Photos. With the iOS 9.3 upgrade, you can now save stills from these moving images. Just open up the image you want in Photos and tap on the little export icon in the bottom left corner. From the bottom row of the next screen, you’ll see “Duplicate.” When you select that, your iPhone will now give you the option to duplicate a still image.
3. Siri now speaks more languages: Hooray! Siri is get even more multi-lingual. The iOS 9.3 update now has Siri speaking in Malay, Hebrew (Israel) and Finnish. You can access these by going to Settings > General > Siri and updating the Language.
4. New peek + pop options on Apple Apps: The newest iOS update also adds 3D Touch capabilities to several of the iPhone’s pre-loaded Apple Apps like Setting, Compass, Health, Weather and more. You can simply access these new options by peeking into the apps (pressing + holding till window pops up).
5. Set password on Notes: Your Notes is going to be even more like your diary now that you can password protect them. Simply go to Settings > Notes, the tap on “Password Protection.” From there, you can set up a password to access the app and toggle on or off TouchID use.
6. Pair with multiple Apple Watches: Here’s one feature that has been a long time coming for Apple Watch users. You can now pair your iPhone with more than one Apple Watches. More options is always a good thing.
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