22 Ways to Rock Red, White and Blue
With July 4th just around the corner, we’ve got red, white and blue on the brain. Whether you’ll be showing your true American pride by wearing stars and stripes or will be taking a more subtle route by sporting the classic color combination, Independence Day is the perfect excuse to get festive (and eat lots of dessert while watching fireworks and listening to Miley’s “Party in the USA”). No matter how you plan to celebrate, these 22 ways to rock red, white and blue are sure to get you in the holiday spirit.
3. American Flag Cap ($29): Printed hats are way hot right now, so why not rock two trends with one purchase?
6. American Flag Pocket Shorts ($8): Denim cutoffs are a summer staple, but these days it’s all about the rips and frays. While one thigh sports stars and the other rocks stripes, these shorts make for a very patriotic outfit choice.
7. Silk Striped Tee ($90): This soft and drapey varsity tee is a closet must. Pair it with jeans for a casual weekend look or with a midi skirt for a chic office outfit.
8. Suede Tassel Vest ($330): You’ve got to rep the wild wild west when celebrating the good old U-S of A. This half-boho, half-cowgirl suede vest has super long fringe and is patchworked with stars and stripes.
10. Lady Liberty Cardigan ($66): A flag-printed garment may seem obvious for the 4th, but this oversized cardigan is one you can rock all year long.
11. Striped Sweater Tank ($20): There’s not a ton of things that $20 can buy you these days, so you should snag this striped tank while you still can. We love how it looks with ripped or white jeans for a red, white and blue bash.
12. USA Flag Tote ($18): A screen printed tote is the perfect addition to your bag collection, and this baby goes with just about everything. Use it at the beach, the grocery store or as your go-to carry-all.
15. High-Top Sneaker ($65): Show your USA pride with a pair of patriotic printed sneakers from Vans. One side displays stripes while the other shows stars.
17. Sweet Charity Bag ($1,055): For a more posh take on the color combo, opt for this Christian Louboutin PVC bag with studs and a gold metal chain. Red, white and blue have never looked so stylish.
18. Printed Runner Shorts ($39): You don’t need to dress in stars and stripes to show your July 4th spirit. Opt for a red, white and blue printed piece like this for a less obvious approach.
19. Short-Sleeved Flag Vest ($145): We couldn’t have a USA roundup without including the godfather of American fashion, Ralph Lauren. This cozy knit vest has a cool fringed trim and instantly pumps up the Americana factor of any outfit.
22. American Flag Infinity Scarf ($38): Add a finishing touch to your look by throwing on a printed scarf. It’s perfect for adding a hint of color and patriotism to your look.
How do you show your USA love? Tell us how you’ll be rocking the red, white and blue this 4th of July in the comments below or on Facebook.
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