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Trainwithshanna systemsIncomeTaxPreparationIncome Tax Preparation for your Mary Kay Business 2026

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The document provides a comprehensive guide for Mary Kay consultants on income tax preparation, detailing how to record income from sales and commissions, manage inventory, and track various business expenses. It includes specific categories of deductible expenses such as office supplies, travel costs, and advertising fees. Additionally, it offers practical tips for organizing tax records throughout the year and emphasizes the importance of consulting a tax professional for legal advice.

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Click ‘Get Form’ to open it in the editor.
Begin by entering all retail sales income from beauty appointments and reorders in the Income section. Ensure you include any additional income such as checks, prizes, and commissions.
For the Inventory section, take stock of your wholesale merchandise as of December 31 using a Consultant Order Sheet. Record this information accurately to reflect your ending inventory.
In the Expenses section, detail all relevant costs including starter kit expenses, business supplies, and any other deductions like advertising or travel expenses. Use the provided fields to itemize each expense clearly.
Utilize our platform's features to save your progress frequently. Once completed, review all entries for accuracy before finalizing your document.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Do I have to report Mary Kay on my taxes?

All income from Mary Kay sales must be reported regardless of amount. The IRS does not exempt income under $5,000. If treated as a hobby, expenses are limited and cannot create a loss deduction. Claiming the activity as a business allows for deductions but requires meeting IRS criteria for profit motive.

Will I get a 1099 from Mary Kay?

Income Advisory Statements are also available on Mary Kay JnTouch. If your wholesale purchases totaled more than $5,000 or you received $600 or more in commissions, prizes and awards, or you had any amount of income tax withheld during the tax year, you should also receive a Form 1099-MISC from Mary Kay.

What reduces your tax bill the most?

Charitable contributions of cash, property, and your volunteer efforts to qualifying charitable organizations can reduce your taxable income and lower your tax bill. Take advantage of tax credits. Save for retirement. Contribute to your HSA. Setup a college savings fund for your kids. Make charitable contributions.

Is Mary Kay considered self-employment?

All of Mary Kays sellers are independent contractors.

Do I have to report 1099-K if it is less than $20,000?

Unsurprisingly, these shifting rules have caused plenty of confusion for taxpayers. But with the passage of the OBBB, the IRS has now reverted the Form 1099-K reporting threshold to $20,000 in payments and at least 200 transactions for the 2025 tax year and beyond.

income tax preparation business

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Is Mary Kay a 1099?

Commission Checks (you will receive a Form 1099-MISC from Mary Kay).

What is the IRS business code for Mary Kay?

For a direct sales business like Mary Kay, use the IRS business code for Cosmetics and Beauty Products Direct Sales. This code is typically 446120.

What are the biggest tax mistakes people make?

Avoid These Common Tax Mistakes Not Claiming All of Your Credits and Deductions. Not Being Aware of Tax Considerations for the Military. Not Keeping Up with Your Paperwork. Not Double Checking Your Forms for Errors. Not Adhering to Filing Deadlines or Not Filing at All. Not Fixing Past Mistakes. Not Planning for Next Year.