Meet Your New Party Trick: 1 Shaker, 5 Different Shots
Hello rainbow! That’s right — all of these colors came out of the same cocktail shaker. Intrigued? We thought so.
Well, its time to go behind the curtain and see exactly how the magic comes together with our take on this shot trick. With six simple ingredients, you can wow at your next party — just in time for all those St. Patrick’s Day shenanigans!
– orange juice (low-pulp or no-pulp varieties work best)
– lime juice
– blue curaçao
– stainless steel cocktail shaker (help keep the mystery as you compile the drink)
– cocktail strainer
– bar spoon
– measuring cup
– 5 double shot glasses
1. Pour a 1/2 oz shot of grenadine into the bottom of your cocktail shaker.
2. Layer in several inches of ice. The trick with this drink is separate the liquids with the ice.
3. Add in 5 oz of orange juice. Pour on to the bar spoon to slow the flow of liquid onto the ice.
4. Add in a bit more ice at this point, the ice level should be above the liquid.
5. Add in 2 oz of vodka.
6. Next, the secret ingredient! Add in one spoonful of lime juice. Then put the strainer on your shaker.
7. Set up your 5 double shot glasses.
8. With your cocktail shaker and strainer in place, pour a 1/2 oz of blue curacao down the edge of the shaker.
9. Get a good grip on the shaker and start pouring immediately!
Now, let’s build this drink!
First, pour a 1/2 oz shot of grenadine into the bottom of your cocktail shaker. Next, layer in several inches of ice. The trick with this drink is separate the liquids with the ice.
Then, add in 5 oz of orange juice. Pour on to the bar spoon to slow the flow of liquid onto the ice. Next, add in a bit more ice at this point, the ice level should be above the liquid.
Add in 2 oz of vodka.
Next, its time for a secret ingredient: one bar spoon full of lime juice. Layer this on top of the vodka. Add in more ice. At this point, you just want enough room for the cocktail strainer to fit on the shaker.
Now, here’s the performance piece. Set up your 5 double shot glasses and gather that crowd. With your cocktail shaker and strainer in place, pour ½ oz of blue curacao down the edge of the shaker.
Get a good grip on the shaker and start pouring immediately! The blue curacao is heavy and will just sink to the bottom – so you need to pour those shots ASAP to get the colors.
And there you have it. Your next party trick, in the form of a cocktail rainbow.
Do you have a cocktail-themed party trick? Tell us your talent 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