Morning Buzz! Drake & Josh Star Josh Peck Is Married + More
A Nickelodeon alum ties the knot and Prince William comforts victims of the London fire in this morning’s top news tidbits. Check out those and more below in the Morning Buzz.
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1. Josh Peck married his longtime girlfriend Paige O’Brien. The pair got engaged last year, and made it official over the weekend in Malibu. As seen in Instagram photos posted by guests, O’Brien looked elegant and stunning in a strapless off-white gown with embroidered floral detailing. Naturally, Peck’s former Grandfathered costar John Stamos attended, but Peck’s Drake & Josh costar Drake Bell did not. According to E!, Bell seemed upset over his lack of an invite, saying in some now-deleted tweets, “When you’re not invited to the wedding the message is clear….” Ouch. All our best to the newlyweds!
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To all the fathers out there who love unconditionally, who put their children first above all, we love you!! To my son, Rob, on your first Father's Day... I am so so proud of you!! I've watched you grow into the most loving, caring father to our precious angel, Dream. Your father would be so proud of you. I love you and I'm proud of you Kanye and Scott. You amaze me every single day and all of my grandchildren are so very blessed to have all of you as fathers. To all the amazing dads out there, Happy Father's Day!!! #FathersDay
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2. Kris Jenner left Caitlyn Jenner out of a Father’s Day tribute and people are calling major shade.Last year on Father’s Day, Kris Jenner made a touching Instagram post shouting out the late Robert Kardashian and the fathers of her daughters’ children, Kanye West and Scott Disick, as well as Caitlyn, with whom she had Kendall and Kylie Jenner. This year, amid much family stress caused by Caitlyn’s memoir, Kris left out Caitlyn, and the comments came fast and furious. Caitlyn spent the day with Kylie and Kendall.
3. Prince William brings back memories of his mother Princess Diana as he breaks royal protocol to comfort families affected by the deadly London apartment fire. Queen Elizabeth II, Prince William, and Prince Harry visited survivors of the tragic Grenfell Tower fire in London, and Prince William momentarily broke the royal protocol of handshakes to comfort a distressed woman whose husband remains missing. The photo calls to mind his mother Princess Diana, who was often referred to as “the people’s princess.” William, along with Duchess Kate and Prince Harry, have donated to a fund to help those left homeless by the fire. (h/t People)
4. Miley Cyrus and Dolce and Gabbana are beefing on Instagram. Cyrus has already shown her support of her burgeoning singer sis Noah, and now she’s giving props to her brother Braison’s big break on Dolce and Gabbana’s Spring 2018 Milan Fashion Week runway — but with a little dig at the designers. “Congrats @braisonccyrus on walking in your 1st runway show,” she wrote, saying she was proud to see him stepping out of his musical comfort zone to try something new. “I am so proud of you always…. From Nashville to Italy!” she continued, before then adding, “PS D&G, I STRONGLY disagree with your politics…. but I do support your company’s effort to celebrate young artists & give them the platform to shine their light for all to see!” Stefano Gabbana posted a response on his own account, saying they don’t care about politics, and in a comment on Miley’s post, said, “For your stupid comment never more work with him,” seemingly costing Braison future work with the company. Yikes. (h/t The Cut)
5. The first Pitch Perfect 3 teaser is here! The film isn’t slated to come out until December, but the first teaser gives us a behind-the-scenes look at what’s coming. In it, we see the Bellas doing stunts and claiming to be action stars — but no music just yet. Check out the teaser above.
6. Quote of the day: “A year from now you may wish you had started today.” Karen Lamb’s quote gives us all the #MondayMotivation we need to stop putting things off and just get them done.
What’s your #MondayMotivation this morning? Let us know @BritandCo!
(Featured photo via Jason Kempin/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