Here at Brit + Co., we recently bonded over how much we all love pom poms. Each of us had a memory attached to the mindless activity of making them out of spools of yarn, so we put our brains together and came up with an awesome idea: use pom poms to make one stellar project that can be used around the house three ways—as a rug, a wall hanging or a coffee table runner.
Now we’re not going to lie, this project takes some time. Make sure you have a free weekend or a lot of friends who are willing to help you make pom poms. It will all pay off in the end when you’re left with one awesome piece of home decor that you can use three totally different ways!
Materials:
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1. Cut rug pad to desired size. We cut ours to 3 feet x 3 feet.
2. Start to make pom poms, enough to cover your rug pad (these steps are best seen with the process photos below, so scroll down to see it in action, step by step!)
3. Once you have enough pom poms start tying them onto the rug pad. Then hang it, drape it or add it to your floor!
If your rug pad isn’t the size you want, then trim it on down! This is a timely project so choose your size wisely. Then, let’s start making some pom poms! Just follow the steps below:
Hold the string in your hand and start to wrap. You will want to wrap it tight enough until you can no longer move your fingers. Don’t worry, it isn’t painful. The more you wrap the denser your pom pom will be.
Next you are going to slide your pom pom off your hand. Wrap the string around the center of your yarn loop to divide it into two sections. Tie a knot so the yarn stays together. Make sure to leave a long enough tail so you can tie it to the rug pad. Do you see those loops on each side? Cut it into fringe and turn it into a pom pom!
OMG SO MANY POM POMS!
We warned you before, but get ready to have the afternoon free for this step of the project. Time to tie on your pom poms. Thread the tail through the hole, back through to the other side and then again back through the other side. Use the loop you just created to tie a knot with the original string of the tail. This will secure your pom pom in place.
Keep going…
And going…
Now it may have taken a lot of time… but how awesome is this rug/wall hanging/table runner? Let’s put it to use!
Use 1: Rug. Now beware of the size. I’ll warn you now, a 5 foot x 5 foot piece will take you the whole weekend.
Use 2: Table runner. We love it!
Use 3: Wall hanging. Tack it up as textured wall art.
This pom pom paradise is super plushy and fluffy. *Major plus* We know you want to roll all over this ;)
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