Here Is Everything You Need to Add to Your Netflix Queue This Month
We’ll definitely be attending our share of backyard parties and patio outings this summer, but we’ll also be spending some serious quality time with our Netflix queue. If you too occasionally need to spend a little me time in the air conditioned confines of your living room (Netflix and DIY facial scrubs, FTW), here are some amazing films and TV shows to mark on your summer calendar.
1. Pretty Little Liars, Season 5: If you’re up to date on all things PLL, you and your friends have probably conjured up some serious, “Who is A?” theories. If you’re a few episodes behind, get caught up with the fifth season (just added June 1!) so you can dive into the summer premiere! (Photo via ABC)
2. The Aviator: Leonardo DiCaprio portrays eccentric tycoon Howard Hughes, who turned a small fortune into a massive one by building Hollywood and aviation empires. If you remember, this movie got major Oscar noms. Don’t remember? Time to watch it again. (Photo via Miramax)
3. Hector and the Search for Happiness: Leaving behind a lucrative career as a psychiatrist, discontented Hector begins a journey across the planet in search of genuine happiness. Along the way, he experiences a succession of unusual adventures that alter his perspective. (Photo via Egoli Tossell Film)
4. On the Road: You read the book back in college, and now it’s time to watch those lovable wayward characters come to life on your TV screen. At the height of the Beat era, New York writer Sal Paradise, his freewheeling buddy Dean and Dean’s wife set out on a journey of self-discovery. Their cross-country quest for answers reflects the American character, attitudes and values of the time. (Photo via MK2 Productions)
5. Grace of Monaco: You won’t be able to peel your eyes away from the story of former Hollywood star Grace Kelly’s crisis of marriage and identity, during a political dispute between Monaco’s Prince Rainier III and France’s Charles De Gaulle and a looming French invasion of Monaco in the early ’60s. (Photo via Stone Angels)
6. Nightcrawler: When Lou Bloom, a driven man desperate for work, muscles into the world of LA crime journalism, he blurs the line between observer and participant to become the star of his own story. Aiding him in his effort is Nina, a TV-news veteran. (Photo via Bold Films)
7. Orange is the New Black, Season 3: You’ve been waiting for this day since your one-day binge of season 2 was over. Tune in and see what our favorite cell-block girls get up to in a whole new season. (Photo via Netflix)
8. Scandal, Season 4: Alright, so maybe you already watched every single episode of Scandal when it aired on TV, but when a show is this good, a re-watch is never a bad decision. (Photo via ABC)
9. Backstreet Boys: Show ‘Em What You’re Made Of: Spend your next #TBT with some BSB. This behind-the-scenes look at one of our favorite boy bands is so raw, we don’t think our pre-teen selves could have handled it. (Photo via Pulse Films)
10. Lee Daniels’ The Butler: Oscar-winner Forest Whitaker delivers a powerful performance as Cecil Gaines, who served as the White House butler under eight presidents. His three decades of service unfold against a backdrop of unparalleled change in American history — and addresses issues that we’re still sadly dealing with today. (Photo via Follow Through Productions)
11. A Most Wanted Man: A half-Russian, half-Chechen man, brutalized by torture, arrives in Hamburg, where he seeks a British banker’s help in recovering his father’s estate. But the man may not be all he seems to be in this riveting adaptation of John le Carré’s novel. Watch it and prepare for a twist! (Photo via Lionsgate)
12. Katy Perry: The Prismatic World Tour: No worries if you missed KP on her tour. Invite some friends over and watch her amazing performances on Netflix later this month instead! (Photo via Direct Management Group)
13. What Happened, Miss Simone?: Music lovers, you’re going to want to see this — a documentary about the life and legend Nina Simone, an American singer, pianist and civil rights activist labeled the “High Priestess of Soul.” (Photo via Netflix)
What will you be adding to your Netflix queue this month? Share with us in the comments!
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