Style Resolutions: 3 Ways to Re-Wear a Sequin Skirt After NYE
Wear sequins during the holidays? Yeah, that’s not a problem. Slip back into that sequined skirt time and again after the ball drops on Dec 31? That’s something you might not be totally accustomed to (we’ll admit, it’s not the most natural move for us either). But just because you haven’t ventured out on a coffee run in your Saturday night’s best doesn’t mean it’s not doable — it is, and easier to wear than you might think. We’ve made a style resolution to get the most out of our wardrobes in 2015, so we’re showing you three ways to re-style your sequined skirt ($34) throughout the new year. Scroll through to see how we’d wear the sparkler to the office, on a night out and on a lazy weekend.
Yes, sequins in the office *is* possible as long as the sheen leans toward a metallic neutral (this silver black passes the test – a champagne would work too) and it’s modestly cut (sorry to all the minis and high-slit skirts out there). Now all that’s left is to #GIRLBOSS the hell out of it: play down its flirtiness with a structured blazer, thigh-grazing button up and a bag that is more fit for the commute than the club. Wear-with-anything ankle boots come in handy here, as well as earrings that might possibly draw the attention up.
Maurices Sequin Pencil Skirt ($34) + COS Contrast Knit Blazer ($99), J.Crew Endless Shirt ($108), ALDO Gabba Zip Back Block Heeled Ankle Boots ($133), ModCloth Alright, Berry On! Tote ($65), Lizzie Fortunato Jewels Black Collage Earrings ($213)
Let’s be real: this ain’t your first rodeo. And that means that you’ve graduated from pairing this party-ready skirt with a skimpy crop top and rhinestones. Take a more fashion-forward approach to styling your sequins with a smart scuba peplum top and unexpected accessories like natural stone jewelry, bright red pumps and a big personality clutch.
Cozy up the glitz of that sequined skirt with pieces that are its complete aesthetic opposite. An oversized knit fits the bill, along with stark white sneakers, a wool overcoat and a sweater-soft tote bag. You’re not trying to hide the skirt, just tone it down — do the same with your bling-free jewelry.
Maurices Sequin Pencil Skirt ($34) + Mango Ribbed Mohair-Blend Maurices Sweater ($30), Sperry Topsider Leather Sneaker ($60), BDG Woven Wool Sweater Tote Bag ($89), ChicWish Pockets Woolen Coat in Olive ($85) Whiskey & Wine Brass & Cream Bead Necklace ($26)
What pieces in your closet deserve more attention, but stump your style game? Tell us about your trickiest wear-again garments in the comments below and we might feature them in our next Style Resolutions post!
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