End of the Year and Business Ownership

As a business owner, the end of the year brings a unique set of odds and ends that need to be reviewed. Whether this is your first year as a Paparazzi business owner or you’ve been with us since the beginning, take a moment to review the following items as they relate to your account. Tax ID and Business Name: Next month, 1099s will be issued for every Consultant who has earned $600 or more through the Compensation Plan during the year. In order to avoid potential fines and penalties from the IRS when this information is submitted, the company name and the tax ID or Social Security Number on your account must match. Although you may have created a fun business name during the enrollment process, if the tax ID on file is not registered in that company’s name, you could be penalized. To verify this information, log in to your Back Office, click on ‘Profile’ and then ‘Edit Profile. You will be able to see the Social Security Number on file as well as the company name (if applicable). On this screen, you will have the ability to make changes to the company name on file if needed. Important note: If you do not have a company name, please leave this field empty to allow your 1099 to be printed with your personal information. If you need to make a change to the tax ID number, that request must be submitted in writing via fax or mail. Contact the Support Team at (855) 697-2727 with any questions you may have. Business Expense Write-Offs: As a business owner, you have the ability to deduct things like travel, expenses, inventory, meals, and many other things when it comes to taxes. We encourage you to work closely with a tax advisor to learn more about tax codes and how to maximize the benefits of being a business owner.