Morning Buzz! Hailey Baldwin Chops Off Her Long Locks to Give Us Major Fall Inspo + More
From a fresh fall lob to more evidence of Britney being back, check out six of today’s top news items below.
1. She may be known for flowing long blonde waves, but Hailey Baldwin isn’t afraid of a little change. In a pair of new Instagram posts, the model debuted her fresh new lob, just in time for those back-to-school vibes that are always in the air this time of year whether you’re a student or not.
— Al Jazeera News (@AJENews) August 24, 2016
2. Here’s how you can help the victims of the devastating Italy earthquake. A 6.2 magnitude quake hit central Italy last night, with a death toll as high as 45 at this time. First responders and civilians are currently prioritizing those who are alive and need to be rescued, and if you would like to donate to Red Cross recovery efforts, you can do so here.
3. Bella Thorne came out as bisexual in a very NBD way via Twitter. Bella and her ex-bf Gregg Sulkin split amicably just a few weeks ago, and a Snapchat this past weekend that showed Bella kissing another woman had her fans questioning whether or not she also dated women. In a Twitter Q&A last night, a fan asked “Are you bisexual?” to which Bella very candidly replied with a simple “Yes.” She later tweeted “Aww thank you for all the accepting tweets from everyone. I love you guys.”
4. If this teaser is any indication, Britney Spears’ Carpool Karaoke is going to be epic. In the clip, Brit and James slay the classic hit “Toxic,” and also have a lovely chat about her kids. We can’t wait for this one.
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Finally my big head is used for more than just a place to hang my hat.😉 The joys of being home w/ my ohana and playin' one of our fav games - slap daddy's head 'til I can see his big scary face. Song playing in the background is "O Tiare" (Justin Young). A song I started singing to her every day since she was one week old. Samoan lyrics are beautiful, "Ia alofa le Atua, ma tausi ia te 'oe..." which translates to "may God take loving care of you". When Jasmine learns to talk, I'm sure she'll ask me to please stop singing😂. I must now go do something very manly and bad ass to counterbalance this post. #Ohana #Aiga #Grateful #SlapDaddysHeadCauseItsABigToy
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5. If this video of The Rock playing with his wee infant daughter doesn’t make you melt, you might not be human. “Finally my big head is used for more than just a place to hang my hat,” The Rock wrote on his Instagram caption. “The joys of being home w/ my Ohana and playin’ one of our fav games — slap daddy’s head ’til I can see his big scary face.”
6. Quote of the day: “Do, or do not, there is no try.” Let Yoda’s wise words guide you on this #WisdomWednesday.
What words of wisdom are getting you through this #WisdomWednesday Hump Day? Let us know over @BritandCo.
(Featured photo via @haileybaldwin)
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