Mary Kay Amended Tax Return
Over the past 45 years, I’ve done hundreds of amended tax returns for business people in Avon to Xango.
However, no company comes close to the amount of returns I’ve done for Mary Kay consultants.
In fact, the amount of returns is the highest and the amount that people get back is the highest. It’s a great double whammy burger.
The Mary Kay business is one of the first direct sales businesses that were formed and have alot of moving parts. The biggest factor in Mary Kay amended tax return is inventory. First, all the book smart people will have inventory listed, but they do not dig far enough into logic to see the real answer to inventory.
Second, Mary Kay upline consultants make a big deal of counting your inventory at the end of the year so, therefore, people think it should be listed.
And third, scared accountants and CPA’s put inventory on the return to avoid a big loss on the returns if the consultant is not selling alot. Unfortunately, they project their fears onto people’s taxes. Not good.
The other substantial area is the treatment of the Mary Kay Car program. This has 99.9% of the CPA’s baffled.
But yet, it is so simple. When you actually look at what the Mary Kay business is all about, the answer is easy.
Don’t wait around for a review as you can only go back 3 years! The average amount of a refund for a Mary Kay return is approximately $2,000. So, times 3 is $6,000!
PLUS, every year you wait, you are losing $2,000 (at least)
Cheers
Steve
