12 Manis That Will Make You Want Squoval Nails ASAP
Just like the latest fashion trends, the trendy world of nail art is constantly changing. One moment classic French tips are in, and the next, they’re outta here. Allow us to introduce you to the hottest nail shape for 2015. Part square, part oval, the squoval is making headlines everywhere. In other words, you can take a break from those Rihanna-esque pointy nails in favor of shorter, more subdued tips. Scroll on for 12 manicures to try out on your perfectly squoval-shaped nails this season.
3. Painterly Masterpiece: Master Impressionist painters, we are not. But that’s not stopping us from wanting to attempt this painterly design that calls for only a few spontaneous splatters. (via Random Acts of Pastel)
4. A Study in Contrast: For longer nail lengths, this modern update on the traditional French manicure is as daring as it gets. The alternating black and white design is sure to catch people’s attention — that is, if the squoval shape doesn’t first. (via Into the Gloss)
5. Runway Ready: You guys, we’re calling it now. Manicures that incorporate squares will be trending come this fall. If you don’t believe us, then just take one look at the Cushnie Et Ochs Fall 2015 runway show. (Photo via Mireya Acierto/Getty)
10. Classic Half-Moon Design: The popular half-moon design is here to stay. Short, well-groomed nails are best for this style, as it’s both clean and contemporary at the same time. (via @paintboxnails)
11. Ocean-Inspired: Nothing but sandy beaches and calming seas come to mind when we see these aqua nails. Besides the cool marble effect, we’re loving the unexpected negative space detail that complements the squoval-shape. (via Into the Gloss)
12. Pop of Color: We can’t think of a better way to show off the defined squoval shape of your nails than by accentuating them with slanted tips. Bonus points for keeping this mani bright + cheery. (via Byrdie)
Will you be rocking squoval-shaped nails this season? Tell us 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:
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