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Goldflowerinc
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« Reply #60 on: July 12, 2008, 09:52:13 AM » |
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So if they send a 1099 to the IRS -- they will send one to me, too? So I'll know to include it in my taxes? I don't understand these "Mary Kay Taxes!" But there's nothing to worry about because you can declare a loss and get some of your money back? Is that right?
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Pink Lighthouse Lounge
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« Reply #60 on: July 12, 2008, 09:52:13 AM » |
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Lipstick
Your day usually goes the way the corners of your mouth are turned.
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« Reply #61 on: July 12, 2008, 10:00:09 AM » |
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Oh yes, you just need to track everything you purchased, sold, end of year inventory and all your expenses! It doesn't necessarily mean you will owe money.
That reminded me of a tax story I had forgotten about. You know how tjey have those little contests where you buy a soft drink and look under the liner of the cap to see if you won something?
Well, I bought a soda out of a drink machine on our way out of town on a trip, I peeled back the liner and was excited to find out I had "Won" $100.
I got my $100 check in the mail and totally forgot about it come time to file my taxes (I won the $100 back in June). Anyway we had filed our tax return and mailed them in (this was way before they had electronic filing)
A week after filing for our Tax Refund, I got this statement from the soft drink company that was supposed to go with our Income Tax Return. I took it to our Tax preparer and he filed an amended tax return, because the money I won counted as Income and that $100 check put us in a different income bracket and cost us $50....Boy was I mad!!!
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We can't always be "happy"; but we can always choose to be thankful and joyful whatever the circumstances.
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Goldflowerinc
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« Reply #62 on: July 12, 2008, 11:11:37 AM » |
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WOW.
I can't believe some stories I hear about the income taxes. They only messed with us one time. My husband had turned in some thing -- I don't understand what it was. Something about a seperate retirement savings. (We had just met) Anyway, like 2 years later we were married and they came back on BOTH of us for the unpaid taxes! Apparantely he was supposed to pay taxes on it when he cashed it in - I don't know. My point is that I had just met him when he did that and like 2 or 3 years later they come back on ME! I didn't have anything to do with that!.
Another story...
Do you have in your town, those automatic radar clockers that take your picture and a picture of your license plate behind your truck? We do, the whole town hated them and some people say that they're not even real -- they can't be enforced. Well, all vehicles are under my name, and guess who got a ticket from one of those little fake cop camaras. My husband driving MY truck so the ticket is sent to ME. Gotta love those husbands, huh?
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Lipstick
Your day usually goes the way the corners of your mouth are turned.
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« Reply #63 on: July 12, 2008, 11:15:36 AM » |
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We can't always be "happy"; but we can always choose to be thankful and joyful whatever the circumstances.
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Goldflowerinc
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« Reply #65 on: July 12, 2008, 11:32:06 AM » |
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Oh yes, I make sure he gets those.  |
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Lipstick
Your day usually goes the way the corners of your mouth are turned.
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Pink Fog? What's That?
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A cloudy day is no match for a sunny disposition.
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« Reply #66 on: July 12, 2008, 11:42:15 AM » |
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We can't always be "happy"; but we can always choose to be thankful and joyful whatever the circumstances.
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Goldflowerinc
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« Reply #67 on: July 12, 2008, 11:44:45 AM » |
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Lipstick
Your day usually goes the way the corners of your mouth are turned.
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Pink Fog? What's That?
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A cloudy day is no match for a sunny disposition.
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« Reply #68 on: July 12, 2008, 11:50:23 AM » |
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I gotta go take a shower and quit being a lazy bum...I'm still in my pj's!
Be back in a little while......
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We can't always be "happy"; but we can always choose to be thankful and joyful whatever the circumstances.
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Goldflowerinc
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« Reply #69 on: July 12, 2008, 11:58:06 AM » |
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shucks, ok.
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rethinkingpink
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« Reply #70 on: July 13, 2008, 05:38:40 AM » |
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You know what this made me think of? How can MK send you a copy of your 1099 if they are not your employer? How would MK even know how much you made if they don't keep track of sales? If they're only using data entered into InTouch by consultants, well that's not 100% accurate. Some don't enter sales at all, and others only enter it sporadically. Does MK take the amount you order and assume that you sell it all and then report that income amount? Am I completely missing something here? This sounds so wacko...  |
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Perfer et obdura; dolor hic tibi proderit olim - Ovid
It is easier to build strong children than to repair broken men. - Frederick Douglass (1817-1895)
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Goldflowerinc
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« Reply #71 on: July 13, 2008, 09:46:16 AM » |
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It does. It sounds fishy.
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Tam
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« Reply #72 on: July 13, 2008, 10:44:45 AM » |
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The 1099 is for your purchases from Corp. YOU get to do the math at home, determine what your beginning/ending inventory was, what was personal use, what was hostess gift/discounted, etc., business costs, expenses, the list goes on and on and on, to determine your business income/loss for the year. (Like anyone has ever "made" anything after all expenses!)
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