Doing your MK Taxes!

Here are the IN’s & OUT’s in doing your taxes for your Mary Kay Business! Below are helpful resources to make sure you are doing it right and are taking advantage of every tax break you are entitled to as a small business owner!!

Tax Workshop Recording:
This call lasts approximately 45 minutes so I suggest you listen to it when you can take notes. This was recorded in 2009 but all information is STILL current EXCEPT 2011 mileage which is now 55.5 cents per mile.

Playback Number: (712) 775-7099
Access Code: 183247#
When asked for “reference number”  press # again.
Mary Kay Tax Worksheet(this is talked about during this recorded call)

HELPFUL  TOOLS!!!

  • Monthly Tax Form – Fill this out at the end of each month to track your expenses
  • Year Long Taxes – Use this to total your year ending totals for income & expenses in preparation for seeing an accountant or filing taxes yourself.
  • How to Pick Your Accountant — Questions to ask an accountant to see if he/she knows the Mary Kay business really well
  • Income Tax Preparation — Helpful hints in getting all of your tax stuff together.
  • Quick Inventory Tips — How to properly do your Year-End physical count of your entire inventory
  • 2010 Inventory Tracking Form — Excel spreadsheet template to track your Year-End physical count of your inventory
  • Mary Kay InTouch Website — Our consultant website is a fabulous resource. Go to the “Resources” tab and scroll down to “Tax & Legal.” Here you will find all your answers to doing your business taxes. My personal favorite is the guide for doing your Schedule C Form…it gives you line my line guidance to what goes on each line of the form :)

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