5 Best Apps of the Week: An App to Find the New Zayn + More!
They say one cannot live on bread alone, which is true in this week’s roundup of the best apps out there right now. Food is super important — as someone who has Instagrammed a plate or two of avocado toast in her day can attest — but one needs a steady stream of pop culture and people to share it with to really LIVE. This week’s must-download apps include everything you need in a virtual diet plan: food, music, TV and BFFs to share in the fun. Get DLing below, fellow app fiends!
1. Tastemade: Like the Food Network for millennials, this website-gone-mobile is *the* spot to fill your proverbial plate full of delicious series that span food, travel and the lifestyle you want to live. Besides programming from TM’s lineup of mega hip pros on this app, you can scroll through videos from the community and city-specific visual guides from curated “Tastemakers” around the globe on their newly-upgraded Video City Guide. With a growing army of apps and a just-announced, highly publicized channel on Apple TV, if you’re not watching Tastemade after this weekend is up, you’ll be streaming it soon.
2. WhipClip: We really needed WhipClip during *that* Empire finale, but at least we’ll have this app, which lets you create clips and share top moments from watercooler buzz-worthy TV shows and music videos, queued up for the Season 2 premiere. Whether WhipClip ultimately wants to be its own social network or just wants to enhance your social sharing with its videos is a little unclear, but the TV nerd in us is geeking out hard enough not to care.
DL It: Free on iOS and coming soon on Android
3. Chosen: Who knew that TV talent competitions was an industry destined for disrupting? Likely ex-Beats CEO David Hyman, who launched this app that lets users do two things: compete against each other in uploaded bits of musical glory and vote for the best of the best among those competing. It’s apt that an app that lets you play Simon Cowell on your commute comes out in the same week that the Brit’s best musical creation One Direction are disrupting their own major enterprise (international tweenage dreams), but perhaps Zayn has found the appropriate stage to test out his solo material.
DL It: Free on iOS
4. Drupe: An app that uses the ol’/new “swipe” function in a way you actually (no, really) haven’t before, Drupe expertly combines two important things you regularly use your phone for: your contacts and your apps. Specifically apps that you use to communicate with those contacts. In Drupe, your contacts pop up next to a list of apps you use with them and you drag and drop your contact onto the app you want to reach out to them with. Pull mom into your phone and dial her up. Skooch Rachel into Snapchat and send her something silly. Swipe your long distance boo into Skype and instantly start catching up. It is Android-only downloads like these that will make you rethink that whole iPhone thing, eh?
DL It: Free on Android
5. Choosic: Another swiping app, this one is — stop me if you’ve heard this one — the Tinder for music. Um… Okay, yup, that’s actually pretty cool. You know the drill: you swipe through music, listening to tracks and giving them a left for meh and a right for “yeah!” Selected tunes you’re digging are sent into a playlist making Pandora sound more like, a giant snore-uhhh, am I right? *I’m here all night*
DL It: Free on iOS
What was your favorite recent download? Favorite app on your phone right now? Share 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:
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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