10 Resolution Ideas to Kick Start a Healthy, Happy 2021
How excited are we that 2021 is almost here?! (Good riddance 2020.) As you plan to ring in the new year at home you may be thinking about how to kick start some life goals heading into '21. After all, life goals were pretty much on pause during 2020 as most of us tried to stay afloat and calm our coronavirus fears. But a vaccine is here, which means good news ahead, so why not plan to kick off the new year on a high note/with a plan? We dug into our archives for resolution inspo for a healthier, happier, more productive you. Sticking to a resolution for 365 days can be tricky though so first start with a healthy mindset. You got this!
Launch your business idea. We're all about following your passion at Brit + Co and if you've had an idea for starting your own biz now is the time to take that first step. First, get over your fear of failure with these seven tips, then write out your business plan. Need a little motivation? Check out Brit + Co's Selfmade online business course, where you'll meet inspiring entrepreneurs who will help you get to the next level (all while Brit and her "Co" cheer you on!).
Plant a garden. Gardening has mood-boosting benefits and is a great way to clear your head and get creative. Given it may be snowing outside early in the year you can try an indoor herb garden for starters and come spring plan a bed or two outside for your favorite fruits and veggies.
Learn something new. Learning something new about yourself or the world can be as easy as listening to a podcast, which is the whole premise for our Teach Me Something New podcast. Listen in on our chat with experts on meditation, cooking, mental health and more during your next drive or jog. Get creative too with more than 120 Brit + Co creative classes on everything from cake decorating to coding for just $10/month unlimited.
Brit + Co
Try a new hobby, even for just a week. New Year's resolutions don't have to be full of Don'ts. Brit + Co Founder and CEO Brit Morin started her #GiveItAWeek challenges as a way to break out of her comfort zone and try something new every week of the year vs. one "Don't" all year long. Try dance lessons, take an illustrating class, or change up your running routine to make it more FUN. Good news is a new hobby has restorative benefits for your mental health too.
Save for a rainy day. Make 2021 the year to get your finances in order, from setting yourself up on a budget-minded money date to knowing the milestones you should hit by 35. Try our free Investing 101 course and check out Nicole Lapin's The Money School, where our favorite finance pro shows you how to make your money grow and we mean really grow. You'll learn things like: how to create a budget, how to save for big life goals, how to buy a house and car, how to invest in the stock market and retirement accounts. This is truly the masterclass for all things money!
Break out of your cooking rut. Bored by the same meals you've been cooking at home since spring 2020? We got you. Whether you want to cut down on sugar with our Whole30 recipes, use your new Instant Pot to make easy weeknight meals, or save money and eat healthy we've got loads of recipes to help you reach your food goals. Not confident in your cooking skills? Pick up some pro cooking tips from our pal Rachael Ray.
Try a booze-free month. Treating yourself to a Dry January might seem like a good idea right about now and it can mean better sleep, a cleaner gut and a host of other health benefits. You'll save money too and probably boost your productivity like Brit + Co'er Lindsey Graham-Jones experienced when she took a Dry July. Not sure you can swing it? Try these mocktail recipes that are just as tasty sans the hard stuff.
Take a social media breather. You don't have to go cold turkey like quitting Instagram for a month but cutting back on your online use by even 50 percent can have measurable benefits like better sleep, more QT with the ones you love and more time to focus on your goals, hobbies and creative pursuits (vs. scrolling through the pursuits of others!). Here are pro tips for limiting social media this year.
Write more thank you notes. Send a little love to the people who make big and small differences in your year with old-school thank you or gratitude notes. You'll pay positive vibes forward and score greater feelings of happiness and (some studies show) lower levels of depression. Here are more health benefits worth giving this resolution a try.
Practice self-care. Finding the time for self-care can be tough as work and life commitments start to pile on, which is why scheduling a regularly sesh is so needed. Try a solo hike or walk to recharge or take 10 minutes a day to treat yourself to meditation, online yoga, an article read, a mini massage or an impromptu call to a long-distance friend or family member.
Not convinced you can pull these off even for a month? You got this. Try putting pen to paper to hold yourself accountable and even try manifesting your goals to get what you want this year and beyond.
What is your 2021 resolution? Share with us @BritandCo!
This article has been updated from a previous post.
Theresa Gonzalez is a content creator based in San Francisco and the author of Sunday Sews. She's a lover of all things design and spends most of her days momming her little one Matilda.
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