Where people vacation is a *pretty* good indication of the general coolest places to be — even more so when it comes to specific neighborhoods. Because of the way their business works, Airbnb has a unique ability to analyze not only overall top travel destination trends, but also data about exactly where people like to stay. Of course, there will always be classic neighborhoods that never go out of style (like Soho in NYC and Chelsea in London), but in many cases, smaller trendy neighborhoods are where in-the-know travelers choose to lodge.
According to Airbnb’s data, the locales with the most booking growth in the past year have a few things in common. First, they have tons of great food options, which is pretty self-explanatory (#priorities). Second, they’re in urban areas, but not dense ones, so travelers are less likely to encounter crowds but can still easily access the city center. Lastly, they often have a decent amount of green space or park areas, making it v. likely you’ll find an urban oasis when visiting these districts. After taking into account over 140 million guests’ bookings, these are the ‘hoods where Airbnb saw the most booking growth in the past year.
1. Milneburg, New Orleans, Louisiana: The top-trending community experienced 1,500 percent growth in 2016, making it a surefire hotspot this year. Just a short trip from the French Quarter but decidedly easier on the wallet, this charming area in Nola is definitely one to watch.
2. Kampung Baru, Kuala Lumpur, Malaysia: Known as a must-visit destination for foodies visiting Kuala Lumpur, Kampung Baru is less metropolitan than the downtown area and boasts a weekly night market that’s chock-full of local cuisine specialties.
3. Fitzroy, Melbourne, Australia: Acknowledged as the first suburb of Melbourne, Fitzroy is getting the classic urban sprawl treatment: eclectic cafes, unique vintage shopping and an overall artsy-cool vibe.
4. Konohana-ku, Osaka, Japan: This area is awesome because it’s right on the river, meaning tons of opps for seriously pretty water views. It’s also close to Universal Studios Japan and just a short trip from Osaka’s city center.
5. Chutes-Lavie, Marseille, France: With gorgeous architecture and classic French cuisine to spare, Marseille is becoming a super popular travel destination. Chutes-Lavie is traditionally a residential neighborhood, but it’s been on the upswing lately due to its local charm.
6. Rockcliffe Smythe, Toronto, Canada: With an abundance of green spaces balancing its industrial vibe, Rockcliffe Smythe is a both affordable and scenic option for visitors to the Toronto area.
7. Midtown, Miami, Florida: South Beach might be the most luxe place to stay in The Magic City, but Midtown is quickly becoming just as desirable. While many of the places on this list are a bit out of the way, this neighborhood is right in the center of everything, making it crazy-convenient.
8. Narvarte, Mexico City, Mexico: Previously exclusive to locals, Narvarte is a place where travelers can get an authentic taste of Mexican culture — and food, obvi. It’s noted for its opportunities to score some of the city’s best tacos and then bar hop at hipster-friendly watering holes afterward.
9. West Seattle, Seattle, Washington: West Seattle is separated by water from the rest of the city, but it’s becoming a family-friendly haven, with stunning views to boot.
10. Usera, Madrid, Spain: An easy metro ride from the other trendy areas of Spain’s capital city, Usera is bustling with cute cafes and bars, yet it’s still a low-key place to set up shop for your stay in Madrid.
11. Din Daeng/Huai Khwang, Bangkok, Thailand: Considering that Bangkok is on most travelers’ bucket lists — it’s got everything from amazing food to stellar nightlife and touristy sites that can’t be missed — it makes sense that new neighborhoods would start emerging as cultural centers in their own right. In Din Daeng and Huaw Khwang, two districts that are right next to each other, there’s less big-city pressure but no shortage of things to do.
12. Chippendale, Sydney, Australia: This once less-than-desirable area has been revitalized with the addition of parks, fancy hotels and top-notch restaurants, making it one of the best places to stay in Sydney.
Daehangno, Seoul, South Korea:
the spot for young people to be seen. That means the ‘hood has become a cultural center, filled with shops, bars and even an impressive theater scene.
14. Lyndale, Minneapolis, Minnesota: Known for being relaxed, artsy and residential, this Minneapolis enclave is pretty centrally located, so you’ll be able to quickly get where you need to be without have to shell out the cash to stay in the city center.
15. Phoenix Park, Dublin, Ireland: Home to Dublin’s huge and gorgeous main park, this area strikes a contrast with the rest of Dublin’s urban vibe. Word has it you might even encounter a deer or two if you stroll around long enough.
16. Chacarita, Buenos Aires, Argentina: A community centered around local markets and a whole lot of pride for area sports teams, Chacarita is a casual and homey place to make your base when you visit Buenos Aires. It’s very close to popular Palermo Hollywood, the hottest place to go out in the city — but you’ll find that despite the proximity, this district is totally chill.
17. Žižkov, Prague, Czech Republic: Cafe culture is a big deal here, so you’ll have your pick of great places to eat and grab a cup of coffee during your stay. With its mix of historical sites and newer boutiques, bars and restaurants, you might not even bother to leave the neighborhood.
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