Weird or Wonderful? 10 Wooden Bow Ties
What once seemed like an idea only for the overly-enthusiastic, stylish carpenter is now a trend that we’re hoping will stick around for a long time. The wooden bow tie is a quirky, artisan take on a mens formalwear classic, and there’s so much you can do with it! With a plethora of wood, stain and fabric options there’s got to be at least one to suit your style!
1. Earl ($45): Two Guys Bow Ties has become the standard for wooden menswear. And it’s no wonder. These snazzy accessories are handcrafted with tremendous detail. This one is made from White Oak and the “knot” in the center is wrapped in herringbone, which would make a great complement to a herringbone suit.
2. Wood Bow Tie ($37): This tie is all California. A little more modern in its cut, this neck ornament is finished off with brushed aluminum for that old school industrial feel. It’s made from all reclaimed materials so it’s eco fashion at its finest.
3. DIY Wooden Bow Tie: It’s time to bust out the saw and sewing machine. This is the perfect gift if you want to go for something handmade that lasts a little longer than baked goods and is a little more fancy than a scarf. Have fun matching your wood stains and knot fabrics and your ties will be instant faves. (via The Merry Thought)
4. The Lord Alfred Hayes ($65): There are ways to make a statement without statement jewelry. One of them is this preppy little number. The wood is carved to match the waves in real fabric tie and its stained with colorful poppy stripes. This is a piece that will definitely leave a lasting impression.
5. Arrow Dark ($55): If you’re more a light suit guy, this one will really pop out from your lapels. Named for the form of an arrowhead and made from North American Walnut, this tie comes with options of different colored knots… which are actually wound twine. The neck strap is made of leather for ultra comfort.
6. Groovy ($26): Groovy, indeed! This bowtie resembles a cartoon mustache and has all the curves of your favorite retro print. Finished off with a vintage floral print for the knot, this one is as cute as a home decoration as a wardrobe one!
7. Mustache Wooden Laser Cut Bow Tie: If you find that a real handlebar ‘stache is a little extreme, this is a temporary alternative that’s also a wardrobe conversation starter. The light Alder Wood and the dark edges make it look like wearable Modern Art.
8. Bernard ($65): Here’s another keeper from Two Guys that we found rather classy. What the Earl has in quirk, the Bernard has in class. It’s carved from Shedua wood in a lovely medium brown that perfectly suits the grey knot in the middle. This one will snazz you (or your best man) up in no time.
9. Wooden Bow Tie and Cufflinks Set ($79): This neck fancy takes a “no knot” approach with just a single bending piece of wood. And to tie everything together (pun intended), there are cufflinks to match.
10. Bow Tie Necklace ($25): If you’re a lady who wants to get your own wooden bow tie but you’re not one for the tom boy look, try one hanging from a delicate chain! We love this more feminine take on a male classic so the girly girls can get in on the bow tie fun!
What’s your favorite style in the world of wood ties? We’d love to know down 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