
Conversation hearts, 3D printed roses and twee cards — if you’re head over heels for all things Valentine’s Day, here’s to hoping that you live in one of the top cities that’s not afraid to whip out their wallets for V-Day. The data team at Mint.com looked at the 10 largest cities in the country and did some number crunching, studying how much, on average, residents spent on romantic gifts, spa days, lavish dinners and luxury hotels for Valentine’s Day. Here’s the countdown of the most romantic cities, at least when it comes to spending big in the hopes of making cupid proud.
10. Atlanta, GA: (Spa + Massage: $49, Gifts: $69, Hotel: $201, Restaurant: $28)
The lowest spenders on average for Valentine’s Day, Atlanta makes up for it with gorgeous weather, renowned restaurants and its stunning botanical gardens. Being in the south, there are plenty of quaint B&Bs graced with elegant architecture that would make for a perfect romantic night away. (photo via Fotos by Fola)
9. Los Angeles, CA: (Spa + Massage: $53, Gifts: $69, Hotel: $172, Restaurant: $32)
Get away from the hustle and bustle of the city and hit the coast for one of the many luxurious resorts that overlook the ocean. Sign up for a couple’s massage or spend quality time in a jacuzzi, and you’ll forget all about your city being number nine on this list. (photo via One Love)
8. Philadelphia, PA: (Spa + Massage: $48, Gifts: $71, Hotel: $188, Restaurant: $31)
When you live in the city of brotherly love, romance and history can be found around every corner. Maybe that’s why this city doesn’t spend too much money on V-Day, but it really doesn’t matter since there are delicious restaurants and stunning hotels year-round. (photo via 34st)
7. Washington, DC: (Spa + Massage: $58, Gifts: $72, Hotel: $175, Restaurant: $28)
You don’t have to spend a lot of money for a fun Valentine’s Day in DC, especially if your date is into history or art. The monuments and collection of Smithsonian museums are free to enjoy, and they can be surprisingly romantic. Especially if it’s followed by a dinner in Georgetown. (photo via Soltren Photography)
6. Chicago, IL: (Spa + Massage: $53, Gifts: $74, Hotel: $158, Restaurant: $30)
With such a vivid nightlife scene, it’s not difficult to find something a little out of the box to do on Valentine’s Day. From the comedy at Second City to maybe even a sexy burlesque show at the Gorilla Tango Theatre, you’re not tied to an expensive date night in the Windy City. (photo via Saavedra Photograph)
5. Boston, MA: (Spa + Massage: $49, Gifts: $74, Hotel: $186, Restaurant: $29)
How could you pass on a decadent night at one of Boston’s historic hotels or a delicious Italian dinner in the North End followed by authentic Italian pastries at any time of the night from the 24-hour Bova’s Bakery? If your significant other throws in a gift from one of Newbury Street’s famous boutiques, it definitely won’t be a cheap night. (photo via Elario Photography)
4. Dallas-Ft. Worth, TX: (Spa + Massage: $55, Gifts: $72, Hotel: $184, Restaurant: $28)
Dallas doesn’t mess around when it comes to unique, extravagant date ideas. First there’s the Dinner & Flight, which not only includes a three-course dinner, but also a sightseeing flight over the city. Then, there’s the sunset flight package complete with champagne on a hot air balloon from Rohr Balloons. Either one will have you flying high both literally and figuratively. (Photo via Rachel Meagan Photography)
3. Houston, TX: (Spa + Massage: $54, Gifts: $78, Hotel: $196, Restaurant: $29)
You know what they say: Everything is bigger in Texas, including Valentine’s Day, which is why two Texan cities appear near the top of this list. Plus, with Houston’s warm weather, it’s not too difficult to find plenty of fun, romantic outdoor activities to do this year, from a low-key picnic in Hermann Park to an adrenaline-pumping tandem skydive at Skydive Spaceland. (photo via Thrillist)
2. New York, NY: (Spa + Massage: $57, Gifts: $95, Hotel: $223, Restaurant: $36)
There are few cities more famous for their romance than New York City. So many classic romantic movies have been set in the City That Never Sleeps, from An Affair to Remember and Breakfast at Tiffany’s to Annie Hall and, of course, Sleepless in Seattle, which made going to the Empire State Building on Valentine’s Day a cliche. How could you not do it up big when you live in a city that’s just innately romantic? (photo via Kelly Prizel)
1. San Francisco-Oakland-San Jose, CA: (Spa + Massage: $71, Gifts: $82, Hotel: $230, Restaurant: $34)
Money can’t buy you love, but it can buy you a great Valentine’s Day, at least in San Francisco. There’s no end to the opportunities for a romantic dinner here; in fact, San Francisco has more restaurants per capita than any other city in the US. Plus, when you live in one of the most expensive cities in the country, and you want to spend money on Valentine’s Day, it’s pretty easy to spend way more than anyone else on this list. (photo via Emily Scannell)
Do you plan on spending big on Valentine’s Day, or do you prefer a more creative date? Let us know in the comments!
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