How do you claim taxes on selling AVON??

Question by JennRx: How do you claim taxes on selling AVON??
I was thinking about selling AVON and the lady told me if you make less than $ 5,000.00 in a year they do not report it. I want to still file what I make to avoid problems if I decide to do this. Does anyone know exactly what I need to keep track of and how to file etc etc…??

Best answer:

Answer by JR
no

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5 Comments

  • Kathryn D says:

    You keep track of Avon sales the same way that you would keep track of sales on Ebay or flea markets. Track all income for products you sell. Track the cost of goods (what you have to pay back to Avon for the products you sell). The difference is your net profit. That is what you need to report to the IRS as income.

  • v b says:

    You have to figure out if this is a hobby or a for-profit activity.

    For-profit goes on 1040 schedule C. Hobby goes on 1040 line 21 (other income).

  • Gary says:

    You need to go to the Avon web site. They have plenty of information on starting, managing and improving your business. Then if you decide to do this: You will file a Schedule C and self employment taxes. I had look at a representative’s tax situation who works for Avon and it doesn’t look very feasible to do it. She is hardly making any money (profit) at all. Here is a warning: If you do not make a profit for at least three out of 5 years then the IRS will consider your business a hobby and then you will have to amend your taxes that you had all ready file. Personally, I think Avon and Mary Kay charged high prices and why should a customer pay those high prices when you can go to Walmart and get it cheaper.

  • Judy says:

    I don’t know what they actually do, but if they do what they are legally required to do, they have to report it if you make $ 600 or more for the year. And I’d be surprised if a company as large as Avon played games with IRS requirements.

    Even if you don’t make $ 600 you are still required to report it on a tax return if you make at least $ 400, or if you are filing a return for some other reason even if you don’t make $ 400.

    You need to keep close track of all your expenses and income. You’ll fill out a schedule C to show the income and any allowable expenses, a schedule SE to calculate your self-employment tax, and a form 1040 to calculate your total tax.

  • southron2002 says:

    i believe that is the C corp. revenue less costs = profit, you are taxed on that.

    Of course all this will be moot when the FairTax Act H.R. 25 passes and replaces all income taxes with a single sales tax on new items. The FairTax now has the support of hundreds of thousands, 72 congressional sponsors / co-sponsors, and 7 presidential candidates. See http://www.fairtax.org
    Fundamentals and facts http://www.fairtax.org/PDF/FairTax-Funda...
    Frequently Asked Questions about the FairTax http://www.fairtax.org/fairtax/faqs.htm

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