
We’ve all been there. You are standing with colleagues grabbing coffee or in the conference room waiting for a meeting to start when someone mentions a phrase you’ve never heard of. Trying to play it off, you nod your head in agreement, blindly chiming in with something like, “Totally, I’m thinking about recareering in a few months myself.” Meanwhile, you’re racking your brain to think of what “recareering” means and wondering if you used it correctly in that sentence.
No need to be embarrassed. We’ve got just the cheat sheet. Bookmark this page of the buzzwords and phrases that everyone is throwing around these days.
1. Elevator Pitch n. A quick way to communicate your purpose, talents, and the mark you’d like to make on the world. Compelling and to the point, elevator pitches aim to pique someone’s interest and entice them to want to learn more about you.
Use It in a Sentence: In addition to listing past jobs, Leslie realized that the most important element of an elevator pitch is knowing how to convey her strengths in a succinct way.
2. Culture Fitn./v. 1. To express or exhibit the values, behavior, and attitude that complement a company’s current organization 2. hiring someone who fits within a company’s specific atmosphere. The purpose of the majority of interview questions asked during a job interview is to assess a candidate’s cultural fit. It’s increasingly becoming as important as the applicant’s skill level in determining whether an offer will be made.
Use It in a Sentence: Venture capital firm Kleiner Perkins accused former employee Ellen Pao of not being a good culture fit for the company, prompting her termination.
3. Career Brandingv. 1. Marketing yourself in a professional setting 2. Tactfully painting a picture of your career accomplishments, talents, and skills to convey aptitude, leadership skills, and expertise. A resume, cover letter, portfolio, social media, and manner of presenting yourself are tools of career branding.
Use It in a Sentence: Alexis scrubbed her Facebook of photos from college to kick start the process of career branding before she launched a blog about life as a Millennial mom.
4. Side Hustlen. A way to make extra money by taking on a second (or third) job in your spare time. Whether driving for a ridesharing service or pursuing a true passion like wedding photography on the weekends, a side hustle is a chance to explore other talents without quitting your day job.
Use It in a Sentence: Before becoming a reality TV star, Kim Kardashian worked in retail and had a lucrative side hustle in which she sold her celebrity friends’ clothing on eBay.
5. Recareering v. To change one’s career, usually late in life. Not just a job change, but a move to a completely different career path with the goal of increasing money, position and influence.
Use It in a Sentence: Laid off from his job in finance, Paul considered recareering into the solar power field after reading an article about the hiring boom in California.
6. Thinking Talents n. Instinctive ways of thinking. They set you apart from the crowd, and will help you excel at work and find a career you’re passionate about. Do you want to know yours?
Use it in a Sentence: My thinking talents are all procedural and analytical. What are your thinking talents and how do ours compare?
Have you heard any phrases you didn’t know recently? Share with us in the comments below.
This post was originally published on Levo League by Amy Elisa Jackson
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