These Celeb Kids Celebrating Christmas Will Melt Your Jolly Heart
It’s Christmas Day, which for many people means a lot of eggnog, giving out the obligatory family hugs, listening to super loud holiday music and ripping paper off presents. It also means stalking our favorite celebs’ Instagram and Twitter accounts to see what they’ve posted, and they rarely disappoint. This year we got sitting on Santa’s lap throwbacks and a special peek into how the stars celebrate Christmas Eve. But the age group that probably gets the biggest kick out of the festivities is the kids, of course, so we want to show you how much some of our fave stars’ kids are enjoying themselves.
We would be remiss if we didn’t mention the Obama family, and they sure are a photogenic bunch, aren’t they?
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Britney Spears’s kids are looking
adorable too cool for school in their coordinated outfits. Mom took this before they went to their school play. Aww.
John Legend and Chrissy Teigen (and baby Luna) look happy as clams. And look at that Santa outfit! Our hearts are melting, send help.
We had to share another one, because Chrissy looks way too happy to be holding baby Luna’s present. Hatchimals are really popular with the stars’ kids this year — although some celebs admitted they felt pretty awkward getting the little guys to hatch.
Case in point: NPH. Haha! Maybe it wouldn’t be so weird if the eggs didn’t make those, uh, uncomfortable noises.
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No celebs-and-their-kids list would be complete without Queen Bey. Mariah Carey and the gang just make it even better! We are loving the kids’ outfits, and mamas look FIERCE.
Arrow star Stephen Amell is looking a lot less dangerous and broody in this adorable pic with the little one and Mr. and Mrs. Claus. We’d love to just sit by that fireplace.
Kevin Jonas adores his daughter. She adores her new dollhouse. It’s okay, Kevin, it’ll be forgotten in a few days. You’ll always be her papa.
Jessica Simpson’s son apparently watched How the Grinch Stole Christmas and ran over to his tree, loudly proclaimed “I hate Christmas!” and pushed the whole thing over. So cute. At least it was only HIS tree. Because apparently you get your own tree when your mama is a star.
We want to wish everyone Happy Holidays, whatever you celebrate! Celebrate each other, and spread some love before we close out 2016!
Who are your favorite celebs to watch during the holidays? Tell us @BritandCo!
(Feature photo via WPA Pool/Getty)
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