This Detail from Mary-Kate’s Wedding Is One You’ll Probably Start Seeing More
While you were probably still digesting your Thanksgiving Feast this weekend, Mary-Kate Olsen sneakily tied the knot with her longtime boyfriend, French banker Olivier Sarkozy. Following in the footsteps of couples like Jennifer Aniston and Justin Theroux and Ashton Kutcher and Mila Kunis, the duo pulled the whole thing off on the DL. And while we’re super happy for the newlyweds, we have SO MANY QUESTIONS. Did MK design her own dress? Was Ashley the maid of honor? Were any Full House members in attendance? We’ll likely never get to the bottom of these mysteries, but luckily, Page Six has reported a few details about the big day.
Page Six writes, “The reception was held at a private residence on 49th Street, between Second and Third avenues; cocktails were served in a rear garden before the 50 guests dined indoors. Attendees were required to turn in their cellphones beforehand.” A source also told them,”Party decor consisted of ‘bowls and bowls filled with cigarettes, and everyone smoked the whole night.'”
While the endless supply of cigarettes might not be so on trend (although very Mary-Kate), the technology ban is something that we can totally get behind. In fact, a wedding photographer’s Facebook post about this very same topic just went viral earlier this month. The photographer, Thomas Stewart, shared a photo (pictured below) of a groom having to lean out past a group of guests with their phones out just to see his bride walking down the aisle.
In a lengthy post on the problem, Stewart makes a convincing case for a phone-free ceremony. He first mentions the obvious: that phones and iPads get in the way of the photographer taking those stunning photos you’re paying big bucks for. Stewart then points out that they’ll also get in your way, like they did for the groom pictured above. He goes on to tell guests, “You’ve been invited to this wedding to share and celebrate the love that two people feel for each other. They [the newlyweds] didn’t invite you along to take photographs that they probably won’t really look at anyway. They want you there with them in heart and soul, and they want to see your tear-filled eyes as you form part of their wedding ceremony. You are witnesses to their marriage, so for goodness sake, watch them with your eyes and your minds, not your phones.”
We know it’s hard to part with your phone or simply keep it locked away when the bride is looking so damn beautiful walking down the aisle, but it’s worth it. As great of a Snapchat or Instagram it would make, when it comes down to it, this is one of the biggest days in a couple’s life, and being 100% present is kind of the best wedding gift you can give them – you know, besides that shiny new KitchenAid ;)
What’s your stance on phone-free ceremonies? Share with us in the comments below.
(Photos via Facebook and Kevin Mazur/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