It’s Time for your Mary Kay® Taxes

 Mary Kay® Taxes

Let QT Office® help you track your Mary Kay® taxes! Even thought it is not the most exciting part of your Mary Kay® business, it is still necessary in order to run a successful Mary Kay© business. The good news is that the better you track your products, expenses and spending, the less you will have to pay to Uncle Sam at the end of the year. If you have been using QT Office® inventory, then all of your expense and invoice tracking would have been automated throughout the year! Let’s get started with your Mary Kay® taxes!

There are a couple of things you will need to get all your Mary Kay® taxes in order (even if you have an accountant). They are:

  1. Receipt’s for all your business expenses.
  2. Copies of your invoices
  3. The total inventory on hand you have at the end of the year.
  4. A proper list of categories for your expenses (your accountant can help you with this one, but we will provide a list for you here if you are planning on doing your taxes on your own; these expenses and more are also integrated in by default).

If you have not been keeping up with your Mary Kay® taxes all year, it’s time to pay up (literally). Did you forget to keep those receipts? Well, no write off then… which means you will not be able to “buy down” your taxable amount of income and will pay more out of pocket.

Ok, go get all your invoices and receipts together… no really, go get them!

Now that you have got everything together (and even if you have not), it’s time to track  your Mary Kay Expenses in the correct category.  Here is a partial list.

Note: Tax laws vary by state, so we have to make the disclaimer “we are not tax accountants, and therefore, we cannot offer specific tax advice, only recommendations”. Also, the percentage you can write off will vary by state per category as well.

It’s much easier to read this list by breaking it down into like categories so we have done so here).

Tax Sheet Guide

(Note: The portion or percentage you can write off per item varies by your state).

Vehicle expenses

–         Car Payment/lease

–         Car maintenance

–         Mileage

–         Tolls

–         Parking fees

–         Gas

Cost of business Expenses

–         Food

–         Lodging

–         Entertainment

–         Advertising

–         Insurance

–         Professional services (such as accountants, lawyers ect.)

–         Shipping/Postage

–         Packaging materials

–         Dry Cleaning

–         Uniforms

–         Commissions Paid

–         Bank Fees

–         Baby sitting

–         House Cleaning Fees

–         Training Aids (books, CD’s or other training materials).

–         Miscellaneous (for any category that you can think of that may not be needed for everyone. For example, if you needed to pay someone to “Pet sit” for you while you went on a business trip, this could apply).

Assets expense (any “hard” items you have purchased for your business such as computers or printers).

–         Computers (including laptops)

–         Faxes

–         Printers

–         Phones

–         Furniture

–         Kitchen appliances (such as coffee makers used for meetings)

–         Any other business related electronics (such as speaker systems for training).

Event Expenses

–         Registration Fees

–         Hotel Fees

–         Car rental

–         Training Material

–         Food

–         Other (did you tip your taxi driver? Write it down!)


Product Write offs:

–         Section 2 sales Aids

–         Demo Products

–         Products used for gifts

–         Lost/Damaged/Stolen products

–         Personal use Products

–         Hostess Prizes

–         Donations (Charity)

–         Expired Products

This is a Partial list (and will vary greatly by state), but it should be enough to get you started finding some good write-offs (and keep your accountant from being angry at you!). QT Office® not only provides an astounding Mary Kay® inventory program, but QT Office® also offers Unit Websites for Directors and Nationals! Click on the image below to get started with your Unit Website today for your Mary Kay® business!

QT Office Unit Websites

This entry was posted in QT Office® on December 22, 2010