Morning Buzz! The REAL Bachelor Winner Is Kaley Cuoco’s Bachelor-Themed Leggings + More
1. This is the way every TV show finale should be watched. With on-theme leggings. Last night’s Bachelor finale had fans waiting on edge to see who Ben would give his final rose to — Lauren Bushnell or JoJo Fletcher? (SPOILER ALERT: It was the former, and the latter will be the next Bachelorette.) And if you thought your snacking-and-wine sweats were as cozy as it gets, think again. Big Bang Theory‘s Kaley Cuoco and her sister Briana rocked custom leggings with the faces of both of the final girls, roses and question marks. This is a reality show finale look that could catch on. (Photo via @normancook)
My beautiful wife Laina and I are expecting our first child. 23 weeks along. Gratefully blessed on my 37th B-Day. pic.twitter.com/BFNbKhSemY
— Chris Klein (@iamchrisklein) March 14, 2016
2. Chris Klein and his wife adorably announced their first pregnancy on Twitter! What a happy birthday gift indeed. Chris announced via Twitter with a simple, gorgeous photo of his wife Laina Rose Thyfault’s baby bump set against blooming flowers and greenery, that they are 23 weeks along in their first pregnancy. The best part? He got to tell the world on his 37th birthday. Aww!
3. Zac Efron needs an intervention for his selfie stick obsession. *Insert cry-laughing emoji here* Okay, so of course this is just a Funny or Die sketch, and further, looks to be an (albeit totally good and smart) ad for Zac’s new movie Mike and Dave Need Wedding Dates, but Zac Efron disrupting the set with his selfie stick obsession is the best thing you’ll see today. “Ever since Zac got a $14 selfie stick, we’ve gone hundreds of thousands of dollars over budget,” director Jake Szymanski says in the clip. “We’ve gone into overtime every day since he started bringing that selfie stick.” The video shows Zac going so far as to take a selfie of a fan taking a selfie with him. Dude, we get it — those things are strangely addictive. (h/t Funny or Die, video via @zacefron)
4. This 11-year-old beauty vlogger with arteriovenous malformation and the most fearless attitude in the world will inspire you. Nikki Christou is the latest online beauty guru you absolutely need to be following. The 11 year old has already accumulated over 2 million views on her channel, which features haul videos, makeup tips, baking and DIY videos, as well as personal glimpses into her daily life — including being open about her arteriovenous malformation, or AVM, which can cause malformations in the face. She was born with the condition, but it didn’t start to develop until she was six years old, and when she was eight, she started her channel. “It was really scary and I did feel sorry for myself at first, but then I realized there are so many things I can do,” she says in the above video. “So when I was eight, I started my YouTube channel, and created tons of best friends.” Nikki tells People that her goal is to maintain her health, and to help others who suffer from the same condition. Christou says, “[I] pray that one day our charity can fund enough research so that we can find better treatments and a cure for all AVM sufferers around the world.” YOU GO, Nikki. (h/t People)
5. This woman and her beloved cat died only hours apart. This is just proof that pets are 100% part of your family. Writer Jill Layton, in a touching essay on animal site The Dodo, tells the story of her grandmother and her beloved cat, Gabby, who shared a bond so deep that they both started slowing down in their old age together, and, ultimately, passed away just hours apart. After her grandmother came home from having Gabby put down, she laid down for a nap and never woke up. “She died four hours after Gabby. Maybe it was just her time and a strange coincidence, maybe she died of a broken heart or maybe their souls couldn’t be separated.” Jill describes the pair as “two sweet old ladies who enjoyed each other’s company.” Sob. (h/t The Dodo, photo via Judy Caponigro/The Dodo)
6. Quote of the day: “I don’t see man clothes and woman clothes, I just see scared people and comfortable people.” — Jaden Smith in GQ on his gender-defying clothing choices.
What morning news has caught YOUR attention? Let us know @BritandCo.
(Featured image via Jason Merritt/Getty)
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