Morning Buzz! Taylor Swift Promises to Help Sexual Assault Victims After Winning Her Trial + More
Taylor Swift’s taking action and the victim of Deadpool‘s stunt accident has been revealed in this morning’s top news stories. Check out those and more below in Tuesday’s Morning Buzz.
1. Yesterday, a judge ruled in favor of Taylor Swift in her countersuit against former DJ David Mueller, who she alleges groped her at a 2013 meet and greet. Swift was awarded a symbolic $1 in damages, but the impact of her trial extends way beyond monetary value, and now the singer is vowing to work to help sexual assault victims. “I acknowledge the privilege that I benefit from in life, in society, and in my ability to shoulder the enormous cost of defending myself in a trial like this,” Swift said in a statement released after the trial’s conclusion. “My hope is to help those whose voices should also be heard. Therefore, I will be making donations in the near future to multiple organizations that help sexual assault victims defend themselves.” Yes, Tay. (h/t Us Weekly; photo via Larry Busacca/Getty)
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🏁1st Place ASRA Moto3 Am across the line. Had a great race weekend: 2 Podiums 🏁🏁 and 3 top 5 finishes🏁🏁🏁. Couldn't have done it w/o my support system: @ccsasra OUR RACE CIRCUIT That makes all of this possible for us crazy kids that like to go #sidewayzon2s @absolutecycle for keeping me on track and taken care of. @markbiltracing for keeping me in the saddle and secured w/suspension & repairs. @nexxnorthamerica #helmets for protecting my head throughout my racing career. @officialvortexracing for providing the much needed go fast parts. @motodracing for always keeping my tires warm and sticky w/the hottest tire warmers on the market. @champ_school YCRS for helping me smooth things out a bit and "breathe" @woodcrafttechnologies/ARMOURBODIES race plastics. @dunloptires for the rains and support all weekend @porschetaylor of @blackgirlsride @mrallanlane of @sportbikesinc & TEAM THREADER 24 RACING ALL for their continued, unwavering support. For all of the help and advice received in the paddock from all of my fellow racers 💗 ya for it all. THANKS EVERYONE. See ya in a month or so.🏁🏁🏁😘 #winnerscircle #sponsored #motorcycleracer #podiumfinish #ccs #absolutecycle #sjramblings #sjsidewayz #podiumfinish #irace #femaleathletes #womenwhorace #blackgirlsride #colorusbeautiful #womenwhowin #threader24 #twofour #sidewayz #ccsracingus #ccsracing #24 ✊🏽🏁
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2. The identity of the stuntwoman who died on set of Deadpool has been revealed. Sad news came from the set of Deadpool 2 in Vancouver yesterday when it was revealed that a stunt person had died after her motorcycle crashed during filming. Now, People has confirmed that the woman killed was Joi “SJ” Harris, a motorcycle road racer who, according to People, billed herself as the first African-American female road racer. Deadline reports that this was Harris’s first stunt performer role, and that she was not wearing a helmet during the scene to stay true to the character. Our thoughts go out to her family and friends. (h/t People)
— Rachel Lindsay (@TheRachLindsay) August 15, 2017
3. Rachel Lindsay live-tweeted the Bachelor in Paradise premiere and we are HERE FOR IT.BIP‘s controversial new season premiered last night. And while most viewers were anxious to see how the show would handle the Corinne Olympios and DeMario Jackson incident (so far, they’ve shown a timeline of everything leading up to the shut-down), the most recent Bachelorette, Rachel Lindsay, was just “excited to watch someone else on Monday nights!” and to see many of her Bachelor Nation ladies “kill it.” At one point, Lindsay got a little salty toward Jasmine, joking, “Apparently @jasminegoode24 found the fountain of youth in paradise…she is now 26 lol.” Lindsay was seemingly agreeing with a comment made by her old Bachelor pal Raven, who is on BIP this season.
4. Robert Pattinson won’t rule out playing Twilight‘s Edward Cullen again. THIS IS NOT A DRILL. During a recent HuffPost interview, when asked if he would be open to returning to the Twilight world, Pattinson “faux enthusiastically” said, “Really? Yes!” Okay, not the most encouraging, but after that he got a little more serious, saying, “Well, you never know.” Pattinson also said that making Twilight “did inspire [him] at the time.” Lionsgate CEO Jon Feltheimer recently said of Twilight (and The Hunger Games) that “there are a lot more stories to be told, and we’re ready to tell them when our creators are ready to tell those stories.” So, guys, we’re waiting. (h/t Elle; photo via Rich Fury/Getty)
5. Justin Bieber has a new song coming out just weeks after canceling his Purpose tour. The singer Instaspammed his own Instagram account with word of the new song, “Friends,” a collaboration with producer Bloodpop (who also worked on Biebs’ hit “Sorry”), that will drop this Thursday at noon. As much as we’re hoping that Bieber is taking the time he needs to himself following the tour cancellation, we have to admit that we’re also pretty excited to hear what he’s come up with on “Friends.” (h/t ET)
6. Quote of the day: “For fast-acting relief, try slowing down.” Even if a Tuesday doesn’t feel like the best day for National Relaxation Day, try your best to enjoy and keep these words from Lily Tomlin in mind!
How do you like to relax? Let us know @BritandCo!
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