The royal wedding is almost here! Speculation about Meghan Markle's wedding dress is running rampant, and we can be certain that no matter which designer she goes with, the much-anticipated gown will be absolutely gorgeous. However, we do have some suggestions, should she choose to take 'em. Scroll through to see 15 incredible designer gowns we'd love to see Markle marry Prince Harry in.
Monique Lhuillier: The Alexia gown from Monique Lhuillier's S/S 2017 collection is a gorgeous, non-traditional toffee hue with lace appliqué flowers all over. Since we know Markle is already quite the unconventional royal bride, she would slay in this. (Photo via Thomas Concordia/Getty)
Theia: The bell sleeve detail on this Theia gown from their Spring 2019 collection is both trendy and classic. The slim silhouette and subtle plunge neckline would be incredibly flattering on Markle's frame. (Photo via JP Yim/Getty)
Monique Lhuillier: There are definitely similarities between this Monique Lhuillier F/W 2016 gown and Kate Middleton's iconic Alexander McQueen number designed by Sarah Burton, namely the long lace sleeves and the lace overlay on the bodice. But this style brings in an added California ease that is unmistakably Markle. (Photo via Randy Brooke/Getty)
Viktor & Rolf: For a trendsetting royal-to-be, actress, and activist this simple short-sleeved ballgown from Viktor and Rolf Mariage S/S 2018 collection is spot-on. It's modest yet contemporary and will never look dated! (Photo via Edward James/Getty)
Pronovias: In case Markle isn't the ballgown type, this stunning, figure-hugging mermaid dress by Pronovias for Barcelona Bridal Week 2018 is also a worthy number. While it's covered up enough for a traditional royal wedding, it's also slightly risqué with the lace insets on the sides. (Photo via Estrop/Getty)
Naeem Khan: The Indian-American designer is famous for creating couture bridal dresses that look straight out of a dream. And it's OUR dream to see Harry's bride step out in this intricate, lacy floor-length gown from Khan's S/S 2019 collection. (Photo via Thomas Concordia/Getty Images)
Sachin & Babi: Everyone loves an off-the-shoulder look, and this one from Sachin & Babi's S/S bridal 2018 show is the perfect marriage of romance and runway for Markle and Prince Harry's May nuptials. (Photo via JP Yim/Getty)
Theia: The beaded illusion bodice, the silk skirt, the tiara! This breathtaking ensemble from Theia's Spring 2019 collection would surely wow the attendees and television audiences alike. (Photo via JP Yim/Getty)
Ines Di Santo: While intricate lace and delicate beading are synonymous with bridal, we can also see the 36-year-old going with a more understated, modern look. This Ines Di Santo option from S/S 2016 with a sloping V-neckline would be a knockout on the former Suits star. (Photo via Albert Urso/Getty)
Reem Acra: With a fitted bodice, defined bust, and ivory color, we can see this Spring 2018 Reem Acra gown going down in the fashion books as one of the most epic royal wedding gowns of all time. (Photo via Jordi Vidal/Getty)
Christian Siriano: While it's likely that Markle will opt for a British designer for her big day, there's always the chance that she might pay homage to her roots and pick an American designer. If so, might we recommend red carpet-favorite Christian Siriano? We're digging this lace-sleeve sheath dress from his S/S 2017 bridal collection. (Photo via JP Yim/Getty Images)
Rosa Clara:A This snowy-white lace gown by Spanish designer Rosa Clara for Spring 2018 is a castle-ready choice that doesn't compete with the grand location. (Photo via Estrop/Getty)
Berta: A rising trend in bridal fashion is eschewing the veil in favor of a flowing cape. We can totally see the 36-year-old walking down the aisle with a trailing, cathedral-length cape, like this one from Berta's Spring 2019 range. (Photo via Randy Brooke/Getty)
Oscar de la Renta: We're sure Markle agrees that bridal gowns are better when they have pockets. This adorable Oscar de la Renta S/S 2016 cap-sleeved frock didn't skip that all-important detail. (Photo via Slaven Vlasic/Getty)
Ralph & Russo: We're adding Ralph & Russo to this list not only because the Australian-British design duo created Markle's black engagement look, but because their designs are OUT. OF. THIS. WORLD. Case in point, their finale dress from their F/W 2016 show. Amazing. (Photo via Richard Bord/Getty)
Which one is your fave? Tweet us @BritandCo!
Which one is your fave? Tweet us @BritandCo!
(Photo via Mark Cuthbert/UK Press via 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
The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regards to your individual situation. Comments concerning the past performance are not intended to be forward looking and should not be viewed as an indication of future results. Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. O'Keeffe Financial Partners and any other entity listed herein is not affiliated with Kestra IS or Kestra AS Investor Disclosures: https://bit.ly/KF-Disclosures