5 Must-DL Apps This Week: A New Streaming Service + More!
Every week our app roundups want to help you make a little slice of your life better, more beautiful and/or easier to describe in GIF form. This Saturday is no different, with an app that wants to show you videos of Chris Hemsworth, one that wants to color your life in all the Pantone-a-riffic flavors of the world, another that will snap selfies for you in a whole new way and a couple others we think you’ll dig. There’s even a calendar app in there that could be The One you’ve been looking for all this time. Keep reading and start downloading!
1. The Daily Cut: Coming at you from Time Inc, this app wants to buddy up with your other favorite streamers by offering up video content from all of its properties (TIME, Sports Illustrated, EW, People, InStyle, Food & Wine and others) in one place. BRB gotta find out what Chris Hemsworth DID say when he found out he was the sexiest man alive. My guess? “Duhhhhh — but actually, have you guys met my brother Liam? Also very sexy, especially in Hunger Games.”
DL It: Free on iOS (also works on Roku and web!)
2. Colors: You know what’s better than 24 filters? 1,000 filters. (Please tell me you read that in The Social Network JT voice, thank you.) This app’s got ‘em and is ready to transform your pics into a rainbow-fied work of art. Pantone, anytime you want to follow up with your own app, we’re down to DL.
DL It: $.99 on iOS
3. Shifts: Calendars are awesome and all (we’re fans) but the ones on your mobile device likely factor in your work week as a 9 to 5, M through F gig. Great for those of us who work like that, not so great if you have multiple jobs, work morning, night or weekend shifts or are in school. This calendar changes ALL of that by letting you plot out your day or week with *your* schedule.
DL It: $1.99 on sale on iOS
4. Camu: We’ve told you about Camu before, but [insert celebratory horn noises!] the top selfie improver is now available for Android as well. Named one of the App Store’s best of 2014, this simplifies the filter game — if you’re not in need of 1,000 like above — and lets you add adjustments to your photos before or after you take them. The super-focus feature gives your photos a depth you can’t get on your phone normally and the selfie shutter will automatically snap pics when you stop moving.
5. Copyfeed: Copyfeed. Where have you been all my life? At both my past and present jobs I have used my morning commutes to troll Twitter and various news apps for what’s up in the world, copying and pasting what IS up into Notes or Evernote. Copyfeed manages everything on your iPhone’s clipboard so you can access it in the app or in the Notification Center. Simple but a little lifesaver.
DL It: Free on iOS
What was your favorite app of recent download? 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