Here’s What’s on Olympian Sanya Richards-Ross’s Running Playlist
Sanya Richards-Ross may not be competing in the 2016 Olympics in Rio, but she’s still there as an NBC commentator — and she since she’s won four gold medals in past Olympic years and still runs all the time, there’s no one more qualified for the job. She told us in a recent interview, “Running for me feels like I’m flying and I’m free. It’s so much fun, and once you get a rhythm going, you become used to it and it becomes an enjoyable exercise.” And Sanya may need that fun and freeing effect now more than ever, because as the co-founder of the Gold Standard foundation for Olympic hopefuls and a recent athleisure collaborator with Nike, girlfriend is busy.
She’s a big fan of both Beyoncé and Rihanna, and loves to put them both on most of her playlists. “Lemonade just came out; you can jam to that for 30 minutes and you won’t even remember that you’re running.” She says that she has basically been listening to the album non-stop since it came out, and who could blame her?
Reggae is her fave thing to listen to when she wants to feel connected to her Jamaican roots. Richards-Ross said, “I started running when I was seven years old. I was born in Kingston, Jamaica and track-and-field is the biggest sport there. I felt like everybody ran, and when I was seven we had a fun sports day at school, and I beat all the girls AND the boys — I’ve been running ever since.”
She says that her music choices are about her vibe. When she needs a pick-me-up, she listens to gospel music. She listens to Drake or hip-hop when she needs some help getting motivated, or when she’s feeling more “hardcore.” We’ve seen her game face, and you can trust us — she definitely gets hardcore.
Basically, she advises runners to get to truly know themselves and create a playlist based on what they’ll need for each run. It’s all about motivating yourself and making sure that you’re feeling connected with your body. She told us, “My music choices are about my mood, and I try to connect to that through my music and use that to motivate me and push myself through my run. I think that it’s important to know how you’re feeling so that your music inspires you.”
We couldn’t agree more, and we’ll be using some of her tips the next time we lace up.
What do you have on your workout playlist? Tweet us @BritandCo!
(Photos via Christian Petersen/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:
You X Ventures for Unsplash
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.
Kobu Agency for Unsplash
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