On Demand Beauty Pros at Your Front Door: There’s An App For That
This is the scenario. You’ll leave the office at 5pm, run to the makeup counter, then make a stop at the blowout bar before going home to leisurely get ready for the big gala. In reality, your meeting runs long, your shade of lipstick is out of stock, and you totally miss your blowout appoint. So rather than going glam in a big way, you pull a comb through your hair, resort to a top bun, and do your makeup while on a bumpy taxi ride to the party. You know what the best stress reliever is in a situation like this? It’s Vensette.
Celeb-status hair and makeup is literally an iPhone tap away thanks to a beauty app created by founder, CEO, and fashionable New York socialite, Lauren Remington Platt. Her members-only service deploys hair stylists and makeup artist, where you want them, when you want them, and for whatever occasion, whether you’re hitting a black-tie wedding or just meeting an old flame for a casual lunch that you want to look casually hot for.
Here’s how it works. Download the app. Pick your time and location, be it your home, your office, or you BFF’s pad. Then, pick your look from a visual menu that includes things like smokey lids and a pale lip (the Cat) or contoured eyes with a bold red lip (the Grace Kelly). The visual menu is awesome because it lets you know exactly what you’re getting. There’s none of that “Oh, I thought a chignon looked like this” stuff going on here.
And this is where things get super exciting. It’s the part where a beauty dream team shows up at your front door. And we really do mean dream team. All the brush-packing pros have been vetted to guarantee killer consistency, and they all have resumes sporting experience in movies, television, and magazines. So rest assured. You’re in good hands.
By now you’re wondering how much this full-service, Avon-lady-gone-glam house call is going to cost you? Probably not as much as you think. Prices range from $150 for hair only to $225 for a complete look, which when you consider the cost of going to the salon (time and energy), plus the service of getting your hair and makeup done, the price point isn’t that much higher. Not to mention, you get to feel totally spectacular with a beauty team swarming around you in your own abode.
The downside? Vensette is currently only available to the busy women of New York. We hope the service spreads fast with beauty consultants at your beck and call in every major city in the US.
Oh, and did we mention that the team arrives with mini bottles of champagne? Because they definitely do that too.
Who’s up for some in-home primping and polishing? Let us know 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:
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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