Income tax preparation for your mary kay business - Facts-5 2026

1. Click ‘Get Form’ to open it in the editor.
2. Begin with Section 1, where you will list the inventory of all wholesale merchandise on your shelf as of December 31. Use your Consultant Order Sheet to calculate the total retail amount and apply the discount percentage (40%, 45%, or 50%) to determine the wholesale amount.
3. Next, if you are a new consultant during the year, enter the cost of your Beauty Showcase in the designated field.
4. Record all retail sales income from classes, facials, and reorders in the appropriate section.
5. In the 'All Other Income' section, include any checks, promotional prizes, and commissions received from Mary Kay or other sources.
6. Proceed to document your business expenses. Break them down into categories such as wholesale purchases, sales tax paid, shipping charges, and various operational costs listed in detail.
7. Finally, review all entries for accuracy before saving or exporting your completed form for submission.

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