
There are a lot of bizarre holidays out there. I mean, who is really celebrating Yellow Pig Day or Wear Brown Shoes Day? But for all the weird and wacky holidays, there are also some really necessary ones (National Cupcake Day, for starters), including National Friendship Day. It’s a day to let your girl squad and bestie know just how much they mean to you. I mean, they put up with your terrible puns, late-night texts and not-so-good cooking, so of course they deserve a little something special. We’ve scored some stylish and meaningful gifts to let your BFFs know just how much they mean to you.
1. Mango Decorative Patch ($20): It’s all about patches this season. So why not gift your BFF with some iron-ons to let her show the world who is the HBIC (that’s Head Bestie In Charge)?
2. Sub Urban Riot Squad Tee ($34): What better way is there to show your squad just how much you care than with matching t-shirts? Also, these tees ensure that #NoNewFriends will try to infiltrate your clique.
3. Salvatore Ferragamo Vara Letter M Keychain ($195): Not all National Friendship Day presents have to scream “We’re besties!” Go for something a little more subtle with a chic monogram keychain. This way your BFF will think of all your fun times together wherever she goes.
4. Mango Sneakers Clips Set ($16): Wearing your heart on your sleeve is so last year. Now your partner in crime can wear it on her sneakers too, thanks to these adorable sneaker clips. Plus, with patches and pins being so on-trend, she’ll be leaps and bounds ahead of the fashion pack.
5. Kate Spade Lucky Cookie Charm ($32): Let your BFF know how lucky you are to have her in your life with this bedazzled fortune cookie bracelet charm. Add it to a wear-everywhere charm necklace or bracelet as a fashion-forward forget-me-not.
6. Urban Outfitters Double Knot Ring ($12): Tying the knot isn’t just for hubbies and brides; squads can do it too. This double knot ring will remind her of your friendship without breaking the bank.
7. Ted Baker Icon4 Ampersand Keyring Charm ($35): There’s peanut butter and jelly, Will and Grace, Jay Z and Beyonce and you and your friends. Remind her of how great you go together with a keyring charm that says just that.
8. Tawnie & Brina ‘Goddess’ Bracelet ($54): While her eyeliner may sometimes be uneven and her hair is sometimes frizzy, you know your girl is a goddess. Let her know with a chain-link bracelet that tells the world just how great she is — kooky sense of style and all.
9. Shashi Crystal Lilu Bracelet ($36): Remember making friendship bracelets for your gal pals with embroidery string at summer camp? We think it’s time for an adult upgrade. The tassels give a DIY vibe, while the black and gold seed beads make it chic and wearable, even for the office.
10. J. Crew Double U Bracelet ($68): You and your ladies still stick to each other like glue. What better way to showcase that unbreakable bond than with an interlocking U bracelet?
11. Nashelle 14k-Gold Fill Initial Disc Bracelet ($80): Personalized everything is an enduring trend. Gift your bud this initial bracelet, but instead of putting the first letter of her name on it, add your own.
12. Ted Baker Celesti Gem Frame Crystal Necklace ($99): Let the whole world know that your bud shines bright like a diamond with this rose gold gem frame pendant and necklace. Best of all, it’s super on trend with its geometrical detailing and tongue-in-cheek take on over-the-top glam.
13. American Atelier Monogram Jewelry Box ($15): This jewelry box is personal, stylish and useful. The jewel-toned glass is sleek and luxe, while the initialed box gives your accessories-obsessed pal a place to store all of her trinkets. Aren’t you thoughtful?
14. Jane Basch Designs Varsity Initial Pendant Necklace ($128): Monograms are all over the place — on stationery, clothes, accessories, you name it. Make the one you gift your homegirl stand out from the pack, just like she does.
15. Kate Spade “Partners in Crime” Charm ($24): She’s Thelma and you’re Louise. No, wait, she’s Louise and you’re Thelma. Either way, the two of you have pulled a heist or two and have lived to tell the tale. Add a charm to her bracelet to remind her of all those hilarious stories you’ll be telling and re-telling for ages.
Looking for more gifts for your best pal? Hit us up on Pinterest for more ideas!
Brit + Co may at times use affiliate links to promote products sold by others, but always offers genuine editorial recommendations.
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