
Striking shades of white dresses, elegant neutrals and fiery reds dominated the red carpet for the 87th Academy Awards. And while this year’s offerings were a little more muted than in the past, we still spotted plenty of striking, colorful ensembles. We’re sharing some of our favorite looks of the night and their Pantone partners, so you can work some of the best red carpet styles into your wardrobe as well as your home.
1. Rosamunde Pike in Pantone 1795: Between her gown’s attention-grabbing slit, stylishly cinched waist and red hot color, Rosamunde Pike made sure all eyes stayed on her. (Photo via Jason Merritt/Getty)
2. Anna Kendrick in Pantone 177: Playful pink with a peach-colored underlay gave Anna Kendrick’s glam gown a down-to-Earth feel. (Photo via Jason Merritt/Getty)
3. Paige Butcher in Pantone 525: Hunter’s timeless column gown certainly caught our attention. The layered statement bustle and bright purple color was fit for royalty. (Photo via Jason Merritt/Getty)
4. Scarlett Johannson in Pantone 3302: We love that ScarJo went for a rich green hue for her curve-hugging frock in lieu of something a little more loud or sexy. The elegant, muted color felt fresh, sophisticated and totally unexpected. (Photo via Jason Merritt/Getty)
5. Molly Sims in Pantone 275: We’re always excited to see an impeccably dressed baby bump, and Molly Sims definitely delivered. Intricate beading, long sleeves and a high neckline made the mom-to-be look crazy glam, while a deep shade of blue was a refreshing break from classic black. (Photo via Pascal Le Segretain/Getty)
6. Jennifer Hudson in Pantone 1205: White, red and neutrals might have ruled the red carpet, but Jennifer Hudson opted for pretty, playful yellow that stood out from the crowd. The sunny hue introduced a youthful, fun touch to her stunning Ramona Keveza gown. (Photo via Jason Merritt/Getty)
7. Gwyneth Paltrow in Pantone 705: Gwyneth Paltrow’s blush one-strap number is getting mixed reviews, but we’re digging the gown’s soft, romantic color and bold embellishment. (Photo via Jason Merritt/Getty)
8. Behati Prinsloo in Pantone 7621: Flashy red sequins laid over layers of sheer black fabric added a dash of romance and drama to Behati Prinsloo’s Academy Awards look. A look-at-me red lip tied the model’s look together. (Photo via Pascal Le Segretain/Getty)
9. Sophie Vergara in Pantone 2716: Intricate embellishments and a pale periwinkle hue gave the Modern Family star’s after-party look an art deco-meets-boho vibe. (Photo via Pascal Le Segretain/Getty)
10. Zoe Saldana in Pantone 169: Pale pink fabric softened the architectural lines and highly structured feel of Saldana’s sexy Atelier Versace gown. (Photo via Jason Merritt/Getty)
11. Michelle Monaghan in Pantone 188: Monaghan donned a delicious berry sheath dress from Monique Lhuillier’s Fall 2015 collection. The dark, elegant hue added a sophisticated note to the subtly sexy dress. (Photo via Pascal Le Segretain/Getty)
12. Jennifer Lopez in Pantone 487: We can go ahead and add this to JLo’s best dressed moments list. Her whimsical rose gold dress by Elie Saab Haute Couture was jaw-droppingly gorgeous with its flowing tulle skirt, beautiful beadwork and plunging neckline. (Photo via Jason Merritt/Getty)
13. Chrissy Teigen in Pantone 290: Powder blue certainly suits Mrs. John Legend, who stepped out in a sexy, glam gown, complete with beaded illusion sleeves in a light, calming color. (Photo via Frazer Harrison/Getty)
14. Emma Stone in Pantone 127: Emma Stone’s Academy Awards style channeled the award itself, with the Birdman actress walking the red carpet in a glitzy gold number and metallic shoes. (Photo via Jason Merritt/Getty)
What was your favorite look of the night? Tell us in the comments!
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