Morning Buzz! Rihanna’s Meaningful New Tattoo Pretty Much Proves That Drake Is Her Bae + More

From more Drake and Rihanna hints to maybe getting more Simone Biles in our lives, check out six of today’s top news items below.
1. Here we were all excited because Rihanna posted an Instagram in which she thanks Drake for his VMAs speech, saying she “loves him for that.” Meanwhile, she’s getting a super adorable tattoo to remind her of him in NYC. You might remember the selfie Drake posted of the are-they-aren’t-they old friends/couple in advance of her VMAs win, and you might have noticed the teeny cute camouflage stuffed shark in the bottom right corner, said to have been purchased at their private aquarium date night. Now look at her tattoo. WHAT COULD IT MEAN?!
#FinalFive PLEASE! We have been dying to do it https://t.co/1No4Dx6Pt7
— Simone Biles (@Simone_Biles) September 1, 2016
2. Simone Biles is very onto something with this plea to have the Final Five host SNL. The star gymnast replied to NBC’s tweet asking viewers who they’d want to see host the show’s 42nd season, so Simone got in on it with a “PLEASE!” telling the show they’ve been dying to do it. This is something we didn’t even know we needed in our lives, but now we’re obsessed. Make it happen, NBC!
View this post on InstagramA post shared by Venus Williams (@venuswilliams) on
3. Here’s what Venus Williams eats. In the lead-up to her first match of the US Open, Venus wrote down everything she ate for Cosmo, and you might be surprised to learn that it’s largely plant-based, with Caesar salad being an often end-of-day go-to for her. Even her snacks are super healthy — she’s a big fan of kale chips. This read is a great meal-planning refresher, TBH. Check it all out here.
4. Ryan Reynolds joked that Blake Lively “blames” him for her second pregnancy and now we can’t stop picturing his dorky moves. In a recent interview, Ryan revealed that his “extraordinarily pregnant” wife Blake says his irresistible moves are to blame for baby number two. “Yeah, ya know, I just played a little Lionel Richie, and the mood hit!” he said to People. Of course, Ryan is known to be juuuust a bit of a jokester, but naturally we choose to believe that this is what actually happened and that their daily life is filled with non-stop dorky adorableness. (Photo via Ron Sachs-Pool/Getty)
5. This little girl losing her mind over the saying “pizza is my boyfriend” is something to aspire to. It’s no secret that pizza is a widely celebrated food, and putting “pizza is my boyfriend” in an online bio or a T-shirt is a trendy way to acknowledge your love of the greasy pie. But this toddler just doesn’t quite get it and finds the concept of dating pizza, as she sees it written on a lunchbox, just TOO hilarious. And you know what? Us too, little girl.
6. Quote of the day: “Yes, love at first sight does exist. It will happen to you in the Manchester United players’ lounge — although you will get a little drunk, so exact details are hazy.” Victoria Beckham penned a letter to herself in the October issue of Vogue UK and the details of her meet-cute with husband David are too cute not to share.
Do you believe in love at first sight? Let us know over @BritandCo!
(Featured photo via Michael Loccisano/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
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