Timeshel Is a Photo-Printing Service You Might Actually Use
We all know at least one photo-obsessed person. You know, the guy or gal at every party that’s snapping away or the new parents consistently posting pics of their bundle of joy? Those peeps. They’re not necessarily taking pictures in a professional way, more in like a we’ve-got-to-document-every-moment kinda way. Anywho, we’ve got the perfect gift for that person. And it’s called Timeshel.
Co-founded by Sean Pfitzenmaier and Phil Anema, Timeshel is a subscription-based photo printing service for your iPhone. It costs $14.95 per month and it’s really quite simple. All you do is download the app and create a monthly collection of your top 30 photos. On the last day of the month, they’re sent to print and 10 days later, high-quality pics arrive at your doorstep.
That’s not the only cool part. Each fade-resistant pack of printouts comes in a white, plastic, stackable drawer. That way, you can stack all of your “shels” in a neat little storage unit.
As a self-proclaimed “slow photography” service, Timeshel is a bit different than what we’re used to nowadays, but the co-founders know they’re taking a huge risk. With e-books, iPads and Instagram digital devotees may not adapt to something like this. After all, we live in a day and age where everything is so immediate and not always permanent.
We could see this as being an awesome idea for the less tech-in-love, though. For example, why not set up the service as a gift to your parents or grandparents? Every 30 days, photos of your monthly adventures will arrive at their house — and we all know how much your fam love photos of you.
Like many other successful products, Timeshel got its start on Kickstarter. And once the co-founders exceeded their $50k goal, they knew it would be a huge success.
Would you use Timeshel? Let us know in the comments below or show us your pix on Facebook!
(h/t Fast Company)
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