10 Ways to DIY a Kicking Kentucky Derby Party
Hosting a Kentucky Derby bash is a win for every party guest. Hats, dresses, whiskey and sports, what isn’t there to love? The big race is quickly approaching (May 2!), and now is the perfect time to DIY your party decor and prep for the big event. We’re sharing our favorite derby DIYs below, so grab your fascinator and get crafting.
1. DIY Photo Backdrop: Photo backdrops are always a hit at parties. Create a colorful photo backdrop by stapling faux turf onto a large piece of plywood. Add hats, old-fashioned chairs and some pony toys for optimal fun. (via East Coast Creative blog)
2. Floral Arrangements: While your mint julep booze table might be the main attraction, flowers can liven up your party space. We love the combo of crisp white roses with gorgeous pink blooms. (via Kara’s Party Ideas)
3. Mason Jar Glasses: Mason jars are a southern staple. Create a takeaway party favor with these labeled mason jar drink holders. Guests will love the favor, and it’ll help them identify their drinks throughout the party. (via Hometalk)
4. Centerpiece: Bring a hint of the stable to your Derby Day affair with these DIY flower box centerpieces. The floral touches and quirky gold toys make for a beautiful and rustic centerpiece. (via HWTM blog)
5. Dessert Toppers: Pay a not-so-subtle homage to the theme of the day with these easy DIY dessert toppers. Hot-glue them onto white dowels or cake pop sticks so they can stand tall (and steady!) on your dessert table. Whoa, Nelly! (via Greg Blomberg/Style Me Pretty)
6. Paper Products: For those guests not imbibing in the standard mint julep or bourbon, attach these adorable labels to water bottles or old-fashioned soda bottles to tie every aspect of your event together. (via HWTM)
7. Party Games: Before the big race, set up games like horseshoe and corn hole to bring out everyone’s competitive side. Surprise the lucky winners afterward with a prize. (via Kentucky Derby)
8. Decor: The best part about playing sports as a kid was getting a trophy at the end of the season. These childhood throwbacks make for creative decor and could be a silly reward for horseshoe winners. (via Jennifer Rizzo)
9. DIY Ice Cubes: After the race is over, celebrate the lucky horse with a champagne cocktail toast, complete with red rose ice cubes. Take miniature English spray roses (fake ones will do just fine) and freeze in a large ice cube mold for an impressive cocktail add-in. (via Karissa Fanning)
10. Cocktails: And this wouldn’t be a Derby Day without a few drinks, now would it? No matter if you like your bourbon or your celebratory champagne, we’ve got you covered with not one, but two recipes appropriate for the big day: Whiskey Ginger With Lemon or a Pomegranate French 75. (via Brit + C0)
Are you ready for Derby Day? List your favorite Derby-related traditions 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