Paris Fashion Week and Couture Week are strange sartorial phenomena. The ultra-luxe duds that grace the runway are made with painstaking detail and cost as much as a down payment for a house, but the street style — at least this season — felt decidedly low-key for such a haute event. Puffer jackets, distressed denim, and beanies reigned supreme, and were often styled alongside elevated essentials such as (faux) fur, designer bags, and striking metallics. The laid-back looks stood in stark contrast to Chanel, Dior, and Elie Saab’s collections, but the IRL potential of these fine-tuned #OOTDs was legit. Below, we’ve pulled our favorite style and beauty looks to hit the sidewalks in Paris.
1. Power Pink: Veronika Heilbrunner proved that you don’t need to rock OTT duds to achieve a seriously scene-stealing look. Bold color, chic shades, and an oversized crop fur jacket dialed up the wow-factor on a simple jeans-and-sweater combo like whoa. (Photo via Melodie Jeng/Getty)
2. Bold Hair Accessories: Forget flower crowns and souped-up barrettes — take notes from this model’s fresh-from-the-catwalk look and dress up your tresses with ultra bright laces and a sleek ponytail. (Photo via Christian Vierig/Getty)
3. Ski Jackets: Ece Sukan might look like she’s headed to the slopes, but the creative consultant and co-founder of Pera64 was on her way to Chanel. And yeah — that vibrant green number is Balenciaga. Sukan wasn’t the only one sporting a striking ski jacket; a slew of editors and influencers followed suit. (Photo via Christian Vierig/Getty)
4. Girl Power: French model Camille Hurel made a statement as she left the Dior Couture show in a fierce feminist tee, ’80s-era glasses and a shearling jacket. Hurel was one of the many models and influencers who turned out in the tee, further highlighting that feminism is a trend that’s always in style. (Photo via Jeng/Getty)
5. Camo Cool: Let’s be real — camo is pretty hard to pull off IRL. But that didn’t stop Caroline Daur from donning an oversized camo puffer during Paris Couture Week. Layered over a knit dress, fishnets, and lace-up boots, the look struck the perfect balance of modern elegance and urban edge. (Photo via Timur Emek/Getty)
6. High-Octane Eyelids: When the runway makeup is this good, you’ve got to make the most of it. And that’s exactly what model Olivia Burgess did, stepping out into the streets of Paris after the Jean Paul Gaultier show with her fiery red lids and voluminous blonde locks on show. We may or may not be bookmarking this look for our next GNO. (Photo via Melodie Jeng/Getty)
7. Good Vibes Only: We could use a few extra good vibes right about now, and this personality-packed piece of outerwear is a great place to start. Teamed with a punchy crossbody bag and colorful accessories, it made us forget about our woes for a hot minute. (Photo via Melodie Jeng/Getty)
8. Edgy Suits: We love ourselves a good pantsuit, and this look-at-me number is no exception. Bold bows put a whole new twist on tame pinstripes, while sassy red ankle boots and a menswear parka offer an It girl-approved alternative to classic pumps and car coats. (Photo via Melodie Jeng/Getty)
9. Exotic Prints: So much YAS. Loud, exotic prints and white kicks can feel intimidating — especially together — but designer Giorgia Tordini is living proof that all you need are sophisticated silhouettes and a great pair of shades to pull it off. (Photo via Melodie Jeng/Getty)
10. Off-Duty Cool: Our obsession with off-duty style can be summed up in this one effortless ensemble. French model Cindy Bruna makes skinny jeans cool again with a teddy bomber jacket, biker boots, and an oversized sweater. Consider this ensemble a shoo-in for all your weekend shenanigans. (Photo via Christian Vierig/Getty)
11. OTT Puffer: Oh Tina, you’ve done it again. Leave it to Leung to make a winter staple like the puffer jacket look like a bona fide piece of couture. Layered over a belted jacket and sequin-studded skirt, the quilted coat takes on a totally luxe look. (Photo via Melodie Jeng/Getty)
12. Rainbow Braids: Model Teddy Quinlivan channeled her best Rainbow Bright outside Maison Margiela with a plaited hairstyle laced with bold and bright color. It’s a lot of look, but we definitely don’t hate it. (Photo via Christian Vierig/Getty)
13. Berets and Bold Outerwear: The beanie is a foolproof cold weather look, but the cool girl vibes Soo Joo Park’s velvet beret is giving off are the real deal. While her lavender gray fur coat reads glam goddess in training, the petite chapeau lends the look a hint of rebel edge. (Photo via Timur Emek/Getty)
14. Low-Key Couture: Miroslava Duma could have stepped out from behind the camera on a film set with this ultra low-key getup that reads Hollywood HBIC. Complete with a Patagonia cap, the unexpected #OOTD is one that would bode well for Saturday morning coffee runs or an afternoon spent perusing an art market. (Photo via Christian Vierig/Getty)
15. Metallic Striped Skirt + Fringe-Trimmed Fur Jacket: Couture Week isn’t just about the ridiculously expensive handcrafted duds that make their way down the runway — it’s a showcase of Olivia Palermo’s killer style sensibilities too. The influencer is more or less the belle of the ball, and it’s no wonder, with pitch-perfect ensembles like these being busted out on repeat. (Photo via Christian Vierig/Getty)
16. Bedazzled Cowboy Boots: This is not a drill. To spice up ultra ladylike pieces and pretty pastels, throw a pair of cowboy boots into the mix. Bold embellishments are key for achieving majorly haute vibes. (Photo via Timur Emek/Getty)
17. Wine-Colored Bomber and Boots: Forget Greenery — we’re all about bold shades of merlot, burgundy, and shiraz. As if those sassy pumps and that oversized bomber didn’t slay enough, girl went ahead and layered them over a fierce dress-over-pants combo. Elevated off-duty goals, right this way. (Photo via Timur Emek/Getty)
18. Souped Up Lazy Girl Separates: Leave it to the Scandis to make an ensemble that screams destined-for-the-couch feel worthy of the front row. Nina Seuss makes a longline sweat, sneakers, and rib knit beanie feel undeniably luxe with the addition of patent leather pants, glitzy embellishments, and a fur topper. (Photo via Christian Vierig/Getty)
19. All That Glitters: Star-speckled freckles? Count us in! Model Maria Zakrzewska was shining bright after the Dior Couture show with wispy, romantic curls and dreamy celestial makeup. (Photo via Melodie Jeng/Getty)
20. Elevated Athleisure: Been wondering how to work a pair of track pants into your rotation? This Couture Week attendee will show you how. The Instababe lifts them higher with a structured shirt dress, sculptural heels, and a shearling leather jacket, striking the ultimate balance of classy and downtown cool. (Photo via Timur Emek/Getty)
21. Cap It Off With a Cape: When in doubt, put a cape on it. Jeans and an elegant ruffle-neck blouse are the epitome of off-duty elegance, but throw a cape and a pair of sheer booties into the mix and you’ve got yourself a carefree look that’s worthy of the front row. (Photo via Timur Emek/Getty)
22. Fashion-Forward Comfort: Comfy duds don’t automatically equate to sweats and sneakers, as this street style star proves. Silver wide-leg pants and a shearling-trimmed parka put up a seriously luxe front. (Photo via Christian Vierig/Getty)
23. Deconstructed Puffers: The puffer jacket has made a major comeback — true — but this quilted white number takes things to a whole new level. Camille Charriere’s asymmetric coat kinda-sorta channeled a down comforter, but the style influencer managed to pull it off with raw-edge denim and a sleek chain link bucket bag. (Photo via Christian Vierig/Getty)
24. Retro Cat Eye: After the Elie Saab show, models Camille Hurel, Mayowa Nicholas, Lineisy Montero, and Greta Varlese took to the streets rockin’ saucy cat eye-style eyeliner. While the girls were likely flitting off to another show, the retro beauty look would have been the perfect partner for sipping Bordeaux in a dimly lit Parisian bistro. (Photo via Melodie Jeng/Getty)
25. Grunge Glamour: Irina Kravchenko was the picture of ’90s-era glamour, teaming platform ankle boots with don’t-mess edge with a belted fur coat, sleek ‘do, and statement earrings. We’ll be bookmarking this laid-back-meets-luxe look for our next afternoon of errand running. (Photo via Timur Emek/Getty)
Follow us on Pinterest for more style inspo!
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
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