Thanks to the power of crowdfunding, we’ve gotten to see a lot of pretty damn cool inventions come to life, like the Knix 8-in-1 Evolution Bra and or even this odd butter spray contraption. All in all, there’s a treasure trove of campaigns on crowdfunding sites like Indiegogo and Kickstarter that you can back, but it can get overwhelming sorting through the mix. So we’ll do it for you! Here’s our list of innovative new Kickstarter projects to back for March 2016. Check out the goods below.
Sleep Shepherd Blue
This headband looks like a fun winter accessory — but it actually has conductive fabric electroencephalograph (EEG) sensors. With these sensors, it tracks your sleep activity and sleep states, and a companion app gives you the kind of information you can normally only get if you take part in a sleep study. If you start to wake up in the middle of the night, it uses tones to actually lull you back to sleep. It even has an alarm clock system using “binaural beats” and EEG signals to gently wake you up in the morning. So you won’t wake up in a panic — instead, you’ll wake up gradually and feeling refreshed. And the data it collects can be used over time to actually improve your sleep. (This could be sort of life-changing, and it sounds absolutely AMAZING.) The $100 rewards have gone so quickly that now, you need about $200 to jump in — but it could be well worth the investment.
2. The Mighty: This teeny audio player is like an iPod Shuffle, but for streaming! Plus, it has a 4GB hard drive. All you need is Bluetooth connection to sync your playlists initially, and then you’re out the door. Spend $79, and you’re in the portable streaming club.
3. Kirrin Finch Button Up Shirt: This sleek, professional button-up shirt works for many female bodies. Made and designed in NYC, you no longer need to borrow from the fellas or worry about your shirt bunching in the wrong places with these menswear-inspired — but made for women’s bodies — button ups. Spend $50, and you get the perfect business casual, gender neutral and universally flattering top you could ever hope for. Dress it up or down as you please!
4. World’s Best Travel Jeans: Look cool and stay comfortable while traveling, and arrive dressed to hit the town — instead of in your airport sweats. These jeans comes in three styles, and they work for men and women. Aviator USA has made a stretch denim pant that fits your passport and travel documents in the front pockets easily. The back pockets are “pickpocket proof” too, and the dark wash looks sophisticated. Jump in for about $100, and they’ll be yours.
5. Sweateralls: Comfy, stylish and perfect for active adults, these overalls made of fleece sweatshirt material are pretty much everything you could hope for in an outfit. And you can still get in for only $50! Dress them up or down, and support fair wages and local production in Los Angeles. Get into it and cozy up!
6. KP Duffle: The ultimate travel duffel for on-the-go adventurers, the KP Duffle has all the space you need. It’s a minimalist, angular design that has awesome outside pockets for must-have items, like your smartphone and travel water bottle. There’s also a super organized “utility hatch” and a shoe pocket for your favorite kicks. You’re looking at $170 for one of the only bags you’ll ever need, built to last. Weekend getaways, here you come.
7. Unicorn Poop Stuffed Scarves: If unicorns, rainbows and scarves with a sense of humor are your thing, meet these Unicorn Poop Stuffed Scarves. Cartoon unicorns are the inspiration for these bright, colorful, whimsical scarves. Stuffed animals double as fun decor and scarf holders, for about $50. In case you’re less about cute mystical creatures and more about the adorably macabre, there’s zombie entrails stuffed scarves too.
8. What? Watch Calendar Watch: Need help keeping up with your to-do list and #goals? This watch syncs with your favorite digital calendars for comprehensive time-keeping. The display shows strategically dark and light sections to indicate booked appointments on your schedule, and keeps you from being buried in your smartphone (or at the mercy of its battery life every day). About $265 will elevate the entire concept of the wristwatch in your life, and it’s available in three colors.
9. Vetta Capsule Clothing Collection: This clothing collection is responsible, sustainable fashion with a distinctive French-chic sensibility. These collections are made of five pieces, which can be mixed and matched to create 30 different outfits. They’re made in the US in ethical factories, from high-quality, hand-selected fabrics. Vetta created a Kickstarter to reach their minimum production goals, set for release this summer. Pledge $59 and up for individual pieces, or jump to $425 for a brand new #capsulewardrobe.
Smart Parka
This is “the world’s first complete winter coat.” Funded at nearly onemillion dollars, this is already a brilliant Kickstarter success story. This is the first coat that includes all the relevant winter accessories — your gloves, scarf and hat — built-in, so you never forget them. The gloves are 100 percent leather, smartphone screen compatible, waterproof, warm and lightweight. Their jacket “extension” lets you basically add another coat for really harsh, cold days. Special interior pockets hold phones, tablets and keys. It’s waterproof, lightweight, and super warm — brought to Kickstarter after nearly 200 days of product testing. They’re calling it the last winter coat you’ll ever need, and they might be right. It’ll take $300 or more to get in on the action now, but they will retail at hundreds more, so Kickstarter = #stealthisdeal.
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:
You X Ventures for Unsplash
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.
Kobu Agency for Unsplash
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
The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regards to your individual situation. Comments concerning the past performance are not intended to be forward looking and should not be viewed as an indication of future results. Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. O'Keeffe Financial Partners and any other entity listed herein is not affiliated with Kestra IS or Kestra AS Investor Disclosures: https://bit.ly/KF-Disclosures