A Victoria Beckham Collab With H&M Might Happen: Here’s What It Could Look Like
Victoria Beckham just planted quite the sartorial seed. The British designer — forever known as Posh in our ‘90s-loving hearts — recently revealed that she was interested in collaborating with a budget-friendly brand like H&M. “I want to offer clothes to people who can’t pay designer prices,” she said in an interview this week. This is a definite pinch-me-so-I-know-I’m-awake fashion moment.
Nothing has been confirmed yet — Victoria went on to say she’s still figuring out details like when to release a lower-priced line and with whom to launch it — but we’re of course already scrolling through Instagram (hard to do with fingers crossed this tightly) in hopes a square from one of our favorite retailers might make the news official. Who knows? Target might just blow our minds and make this its third designer collab announcement in these last three weeks, or H&M could post a hint that it’s keeping it in the family (Remember, her husb, David Beckham, has worked with the Swedish retailer in the past modeling in their underwear campaigns. How could we forget?).
All we know is that our wardrobes could definitely use a boost from her impeccably polished aesthetic. While we dream of the day when our street style outfits are that much posher, we decided to pull together some of the Victoria Beckham’s best looks from the runway that we hope will make their way into the future line. Scroll down to see what a Victoria Beckham x H&M collab just might look like.
1. Elegant Prints: The monochrome flower petals on this midi skirt from Spring 2015 add a soft touch to the oversized silhouettes — the perfect touch when it’s styled with edgy leather accents. (Photo via Peter Michael Dills/Getty)
2. Chic Flats: As much as we swoon over VB’s sky-high heels, the commuter in us would die for a pair of sleek flats like the ones she debuted in Spring 2015 that could match the polished vibe of a pencil skirt or dress up a pair of cropped jeans. (Photo via Peter Michael Dills/Getty)
3. Geometric Patterns: We’re just hoping VB won’t make us choose between clean lines and color — she’s matched up the two so well in these ensembles from her Spring 2014 collection. (Photos via Peter Michael Dills/Getty)
4. Day-to-Night LBDs: A structured dress like this high-neck LBD from Fall 2013 can go from desk to date by switching out your platform oxfords for strappy gladiator pumps. (Photo via Peter Michael Dills/Getty)
5. Statement Coats: We’re looking forward to more colorful twists on a classic camel coat like this canary yellow number from her Fall 2013 collection that’s so chic we’d even wear it on its own. (Photo via Peter Michael Dills/Getty)
6. Breezy Brunch Dresses: Ladylike has never looked lovelier than VB’s pastel frock from her Victoria, Victoria Beckham Spring 2013 collection that features the prettiest pleats we’ve ever seen. (Photo via Peter Michael Dills/Getty)
7. New Office Whites: We’re so ready for our basic button -up to get the next-level treatment with long French cuffs and a contrast collar like the one from her Spring 2013 collection. Also, consider the chic styling with a belted waist totally noted. (Photo via Peter Michael Dills/Getty)
Would you shop Victoria Beckham x H&M? Tell us what pieces you’d like to see in your dream collab in the comments below.
(Featured Image + Main Photo via Dimitrios Kambouris/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