Morning Buzz: Thousands of Anti-Trump Protests Erupted Across America and the Videos Will Give You Chills
From Trump protests to the perfect Bernie statement and a few stories to take your mind off things in between, here are six of today’s top news items.
1. New York City, Chicago, Los Angeles, Washington, DC, Atlanta: These are just some of the major US cities that saw thousands of people take to the streets last night, frustrated, angry and scared, in protest of Donald Trump’s surprising election to the White House this week. In NYC, as you might have guessed, the protesters’ aim was Trump Tower, with the crowd swelling upwards of to about 100,000. Many carried “Not my president” signs, while “Black Lives Matter” ones were spotted as well. Chills.
2. Starbucks has made the final red cups reveal, and you’re gonna LOVE what they did this year. A few days ago it became clear that there were a BUNCH of red cup designs coming this year, and now we finally have the deets: There will be 13 different designs, and they feature the artwork of 13 different women from across the world. Given the election fog we’re all in, this feels especially necessary. Cue tears.
3. Brad Pitt has been cleared of child abuse charges.The Associated Press reports that the investigation into whether Brad Pitt showed abusive behavior toward his son on a private flight has been closed, and no abuse has been determined. Earlier this week, Angelina was granted custody of the couple’s six children while allowing “therapeutic” visits with Brad. Brad is still seeking official joint custody. (Photo via Frazer Harrison/Getty)
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4. Um, Stranger Things season three is already in the works?! Sure, season two won’t even be out for like a year, but we’re kinda totally okay with knowing that there’ll probably be another right after. In a new interview with Collider, the director and producer of the show, Shawn Levy, says the showrunners are “optimistic and we have started thinking ahead.” !!!
5. This year’s Christmas ad from British department store John Lewis is the perfectly adorable two-minute distraction we need this week. Brits wait all year for this holiday tradition, and while typically they tend to tug on the heartstrings, this one just makes us feel pure joy. ANIMALS. ON TRAMPOLINES! We needed that.
6. Quote of the
day year: “To the degree that Mr. Trump is serious about pursuing policies that improve the lives of working families in this country, I and other progressives are prepared to work with him. To the degree that he pursues racist, sexist, xenophobic and anti-environment policies, we will vigorously oppose him.” Bernie Sanders’ has released a statement on the results of the election, and it is short, but perfect. You can read the full thing here.
What have your go-to distractions been when you need a minute to decompress this week? Let us know @BritandCo.
(Featured photo via John Gress/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