Tax Questions

How to file taxes for Mary Kay consultants?

Nowadays, consultants such as Mary Kay consultants make quite a bit of income to need to file their tax returns with the IRS. However, many Mary Kay consultants do not know how to file taxes for Mary Kay consultants and many do not want to hire a CPA or tax preparer to help them. If you are a Mary Kay consultant and make a lot of money with Mary Kay, then you will need to file taxes.

Mary Kay consultants are self employed

Mary Kay consultants are independent contractors with Mary Kay. They are not employees of Mary Kay so as a self employed independent contractor, a Mary Kay consultant needs to file taxes according to the business legal structure. Most Mary Kay consultants are sole proprietors, working Mary Kay business from home. If you have a home based Mary Kay business, then you just need to file your taxes with a Schedule C for business expenses. You need to pay self employment income tax. However, if your Mary Kay income is less than a certain amount such as $400, then you will not need to file taxes with the IRS.

 How to file taxes for Mary Kay consultants

How to file taxes for Mary Kay consultants?

You can either go to a tax preparer, get your own tax preparation software and prepare your taxes yourself or if you qualify for the IRS free file, you can just start preparing your taxes online. Start with the 1040 form and the software will lead you to other forms such as Schedule C and Self Employment tax forms.

If you are not a sole proprietor, then your tax filing will be more complicated based on your Mary Kay business structure such as an LLC, partnership or a corporation.