Morning Buzz! This The Hills News Could Be Every Fan’s Dream Come True + More
On the heels of the sad, sad news that love is pretty much officially dead (first Taylor and Calvin, now Gigi and Zayn?) we’ve got a whole slew of morning buzz sure to cheer you up. From a rumored The Hills movie to a new Britney album, check out all the glorious scoop this AM has to offer below!
1. Drop Everything: A The Hills MOVIE may be on the way: Lauren Conrad had us practically giddy last week when she announced (first via an Instagram tease, then on Twitter) that she would be back in front of MTV’s lens for an upcoming anniversary special. Now, E! is reporting that even though nothing is set in stone, there’s “talks” of a potential reunion MOVIE. YASSSSSSSS! Sources say that MTV execs have approached the whole gang (including LC, Audrina, Whitney and Kristin) about doing the project, which would pick up with the ladies attending Audrina’s upcoming nuptials. While there are still plenty of details to figure out (like if the show’s stars will actually agree to do it), for now, the hope is enough! (Photo via Frazer Harrison/Getty)
2. Britney Spears hints at a new album: …and the good news just keeps coming! Our favorite Vegas showgirl, Britney Spears, is also teasing some pretty big news. Recording a video with G-Eazy, she told E! that she’s been “working on [a] project for a year and a half, almost two years, so it really means a lot to me. It’s my baby!” What’s more, the pop star said this new music will be a bit of a departure from the pop sound we’ve come to love. “It’s a little more melodic,” she said. “It’s kind of chill.” Can. Not. WAIT! (Photo via Kevin Winter/Getty)
— Harvard Business (@HarvardHBS) June 2, 2016
3. Channing Tatum goes to Harvard: If there was ever proof not to judge a book by its cover, it’s Channing Tatum. The actor — the same guy responsible for bringing you all that beefcake action with Magic Mike LIVE — can now officially say he “went to Harvard.” Wait, what? Don’t worry gals — the handsome hunk is still acting. Channing was on hand at the prestigious Harvard Business School yesterday as a student (along with LL Cool J and basketball pros Paul Gasol and Chris Paul) of the school’s executive education business of entertainment, media and sports program — in fact, he was yesterday’s case study. “Participants shared ideas to help him innovate in the film industry,” Harvard said on its Facebook page. Wow. We have to say, we’re pretty impressed! Way to go, Channing! (Photo via @HarvardHBS)
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The priceless look on a mamas face who was told she was having a baby girl but received a baby boy!! Talk about a big surprise!! Any one else get a surprise like this at birth? Shared with permission by the parents. #surprise #ultrasoundwaswrong #birth #birthphotography #birthphotographer #baby #newborn #hobart #tasmania #hospitalbirth #midwife #doula #labour #childbirth #birthwithoutfear #motherhood #fourthtrimester
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4. This mom had the best reaction to having a boy when she expected a girl: Koto Nakamura and her husband Sina Niakansafy were in for the shock of their lives when Koto gave birth to a baby boy last week. Expecting a little girl after a scan at the 20-week mark, this photo of Koto’s shocked face quickly went viral. The new family is thrilled with their new addition, regardless of sex, and the couple’s photographer, Jes Jackson, told BuzzFeed news that “the support and stories of others that have been rolling in have been so great to read. I think we may have caused chaos around the world for pregnant women demanding a second or third scan for confirmation, though.” We’ll say!
5. NBA Stars read mean tweets: Your morning laugh comes from the latest installment of Jimmy Kimmel’s “mean tweets” bit, this time with NBA stars like Shaq and Magic Johnson as the butts of the jokes. Enjoy! (Photo via Jimmy Kimmel Live)
6. Quote of the day: “Some people are old at 18 and some people are young at 90… time is a concept that humans created.” Yoko Ono.
Are you excited about this potential Hills news? Tell us over @BritandCo!
(Featured photo via Vince Bucci/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