“You can cut all the flowers but you cannot keep spring from coming.”
– Pablo Neruda
Couples Who Work Together, Tax Together
As more households decide to start a business, many couples find themselves learning about the tax responsibilities related to that business. There are some things to consider when working together.
Here are a few items to consider:
- You should first establish if you have a partnership business (where both spouses have an equal say in the affairs, services, and capital of the business) or an employee/employer relationship (one spouse substantially controls management decisions). These relationships face different tax situations.
- If there is an employee/employer relationship, the second spouse (employee) may be subject to income tax, Social Security, and Medicare.
- If there is a partnership relationship, you may need to report the business income on Form 1065, US Return of Partnership Income.
* This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.
Tip adapted from IRS.gov1
Eat This, Not That: Easy Food Swaps Anyone Can Do
Eating healthier doesn’t have to be hard! You might not have to make any major changes in your current diet! By swapping out unhealthy options for healthier picks, you can cut the bad stuff and still enjoy your meal. Here are some of our favorite food swaps:
- Mustard instead of mayonnaise (0 calories vs. 90 calories)
- Scrambled eggs with green onions instead of cheese (170 calories vs. 275 calories)
- Sparkling water instead of soda (0 calories vs. 140 calories)
- Fresh fruit instead of dried fruit (69 calories vs. 325 calories)
- Greek yogurt instead of sour cream (28 calories vs. 60 calories)
- Olive oil spray instead of a tablespoon of olive oil (5 calories vs. 120 calories)
- Corn tortillas instead of flour tortillas (100 calories vs. 280 calories)
- All-bran cereal instead of granola (80 calories vs. 200 calories)
Many healthy swaps like these can help you reduce your caloric intake, consume less sugar, and make it easy to create a more balanced meal.
Tip adapted from EatThis.com2
Where does today come before yesterday?
Last week’s riddle: The name of a particular insect is six letters long. You can lop off the last three letters from its name and end up with the name of another insect. What is this six-letter word? Answer: Beetle.
Hot air balloons at sunrise in Cappadocia, Turkey.
1. IRS.gov, October 7, 2020
2. EatThis.com, September 29, 2020