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60/40 Split
Keep your Mary Kay money separate from your personal money.60/40 Split
- Create 2 accounts: 1 checking and 1 savings
- Label your checking account "Mary Kay 60" - this is for ordering and restocking your shelves with section 1 and section 2 products
- Label your savings account "Mary Kay 40" - this is your profit, used also for your MK events, registration, airfare, hotels, etc.
***Do not embezzle from your Mary Kay business!
Taxes
It is important to find a tax person you can trust. Your Mary Kay business has many, many legal tax deductions. The amount of money saved from doing your taxes correctly can be huge! Be sure you have an accountant who understands Mary Kay tax write-offs! Until you earn a car, become a director, etc. you should be getting a return. Taxes
Here is the information for a tax service who understands Mary Kay tax write-offs in Minneapolis, MN. They accept doing taxes over the phone, fax in, mail in, etc.: https://www.vetscher-cpas.com/
Another accountant who knows MK taxes is Laure Wiernik-Neitzel located at Accounting Advantage, LLC230 W Grand AveWisconsin Rapids, WI 54495Phone: 715-424-4983
IMPORTANT TO DO LIST:
1. Write down your Odometer number right now and place in a folder for taxes.2. Make a Mary Kay office and inventory space and know the square footage of that space and the square footage of your home. Do not use your MK office for other purposes or you will not be able to write it off.3. Make a list for your demos 4. Make a list for the items you use personally and give as gifts to family (These are all tax write-offs!)5. Keep a notebook in your vehicle and write down every MK trip (can only write off the trips that are solely for MK)
On the Vetcher site, they use specific forms for Mary Kay available in both an Xcel Spreadsheet and aPDF Version. The PDF version is shown below:
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