Celebs Have Proven That THIS is the Swimsuit of the Summer
We love it when a trend comes around full circle. This summer has been the summer of comeback trends — from off-the-shoulder tops to jorts + culottes. It’s always exciting when you have an old piece for so long, it’s actually en vogue again (brings a whole new meaning to shopping your closet!). One swimsuit trend that is back in a big way is the one-piece. All summer long, we’ve seen celebs rockin’ this style of suit like it’s 1989, and it’s official. The one-piece is totally the swimsuit of summer 2015.
Over the weekend, Blue Ivy and her super famous mother went sailing over the weekend, and Beyoncé posted the adorable pics of the trip on her Instagram. Mother and daughter were sporting matching black and white patterned bathing suits (new trend?) — Bey’s with curve-hugging cutouts and Blue Ivy’s featuring sweet black detailing on the sides.
A couple weeks back, Kris Jenner totally “grounded” Kylie for stealing her ’80s Body Glove suit and wearing it with brand new flair in Acapulco for the younger Jenner’s 18th birthday.
Meanwhile, other members of the Kardashian-Jenner fam (namely, Khloé and Kendall) were spotted in St. Barth’s looking stylish in their matching black and red one-pieces. Kendall appropriately titled this one: “baeeeewatch.”
And who could forget Jessica Simpson’s all-white, ruffled “birthday suit” that she wore for her vacay also in St. Barth’s? Not us. Yup, as illustrated by vacationing celebs everywhere, the one-piece is here to stay. Embrace it. Here’s five on-trend one-pieces you can can still snag before summer it over.
1. Pool Water One-Piece ($120): This limited edition one-piece from the crazy creatives at Clashist (makers of the James Franco + Miley Cyrus tongue bathing suits also, don’t you forget) bring the infinity pool to your bod in this sweet suit.
2. J.Crew Jungle Print Racerback One-Piece ($110): This one-piece combines two trends — watercolor print + one-piece — and it’s absolutely glorious. This bold print is definitely a head-turner. Rock this with a white straw hat, aviators + and a Mai Tai.
3. MiracleSuit Laguna Beach Coco Magicsuit ($192): Channel some serious Bond girl vibes in this zip up Lycra scub-style suit. Seriously, Ursula Andress, eat your heart out.
4. Minkpink Wild Keepsake One-Piece Suit ($66): This sweet purple and floral suit is definitely perfect for your lake-front vacation this Labor Day. Wear this one with a white lace coverup and a big floppy straw hat.
5. Zoe Karsson Addicted to Love One-Piece ($59): Every closet requires its own vintage or ’80s-inspired one-piece. This adorable navy number by Zoe Karsson features a fun palm tree print a a clear message.
6. Mikoh Haianano Plunge Front Halter Swimsuit ($210): This sultry stunner features a gorg orange palm tree print and a super low V-neck. This bathing suit is definitely one you need to add to your poolside wear rotation STAT.
Will you be rocking a one-piece suit before the summer is out? Tell us in the comments below!
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