Morning Buzz! Kim Kardashian Disappears from Social Media Again But Plans Her First Appearance Since Robbery + More
Kim pulls a disappearing act and Pretty Little Liars says goodbye in today’s top news items. Check those and more out below.
1. Well, that didn’t last long. Yesterday we took the posts on Kim Kardashian’s official Facebook page as a sign of her return to social media after her Paris attack, but not long after, they were deleted and gone again. According to Kim’s website, though, her first public appearance has been scheduled for January 13 in Dubai, where she’s scheduled to join her makeup artist Mario Dedivanovic for a Masterclass tutorial. (Photo via Larry Busacca/Getty)
2. Jimmy Kimmel’s Halloween prank where he gets parents to tell kids he ate all their candy and film it has become a favorite Halloween tradition, and this year is no exception. Except THIS year, he also pulled the prank on his own two-year-old daughter, Jane. “Remember all the candy we got? Well, Daddy ate all of it,” he says to her. “No! You didn’t,” she replied, and continued to shut him down. Can’t fool her!
3. Get ready to cry at Shay Mitchell’s emotional PLL goodbye video. The PLL squad has been wrapping up the final days of filming on the series, and Shay, who plays Emily, has contributed a “Farewell Letter” video on her YouTube page to commemorate the final wrap of shooting. “Sad, anxious, excited, terrified, inspired, gratified, nervous, unsure, proud, upset, accomplished, relieved, devastated, lucky,” she says, trying to sum up her feelings while sobbing. “I don’t know what my life would’ve looked like without Pretty Little Liars… I can’t believe it’s over.” GET US SOME KLEENEX, STAT.
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4. A huge lawsuit against Wen hair products is going ahead. A $26 million dollar class action suit against the infomercial-famous products from women claiming the products are causing baldness has been approved to go forward, according to The Cut. If a US District Court judge approves it now, six million people could get settlements ranging from $25 to $20,000. An attorney in the class action has said the products are like “using lotion to wash your hair.” Wen stands by the safety of its products and says because “the process of litigation is time consuming and costly, we made a business decision to pursue a settlement and put this behind us so that we can focus on delivering quality products.”
5. Ronda Rousey has announced she’ll be retiring soon. As Ronda preps to make her UFC return on December 30, she’s also prepping to wind down her fighting career, telling Ellen “I’m wrapping it up. This is definitely one of my last fights.” The amazing athlete has said she’s been training twice a day since the beginning of August and feels like she’s “in super ninja good mode.” We’ll miss you, Ronda!
6. Quote of the day: “Be kind, for everyone you meet is fighting a hard battle.” Wise words to keep in mind on this #WisdomWednesday.
What pearls of wisdom are you keeping in mind today? Share with us over @BritandCo.
(Featured photo via Larry Busacca/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