Form W-9 is a few of the most commonly utilized IRS forms. The form is used by taxpayers who are self-employed or working as a specialist. This form might be requested by a client so that they can prepare your 1099-MISC form and report the payments they make you at the end of the year. So inevitably, W9’s use is not only limited to the taxpayers who are self-employed.
To submit the W9 Form, you will require your Taxpayer Identification Number, this is usually your Social Security Number however if you’re filing for the first time, check it before doing so that you would avoid any misleads on the form.
What is a W-9 tax return?
Form W-9 is a tax-related document that staff members complete as part of their onboarding procedure supplying the employer with crucial details such as the staff member’s name, organization entity, Social Security number, taxpayer identification number, and address.
It’s the form you’ll need to submit if you operate in the United States as an independent contractor employed on a legal basis for a company. For example, this encompasses many sort of self-employed workers and freelancers.
As an employer, you should use form W-9 to keep records for each appropriate contractor. You will not need to send out these forms to the Internal Revenue Service (IRS), but you will need them to finish a staff member’s form W-2 or 1099-MISC form each year.
What is a W-9 tax return utilized for?
Independent specialists, companies, and employees must make sure that W-9 tax forms are finished, filed, and upgraded. The tax requirements differ for various kinds of people, so you’ll need to check that you are a worker that requires making use of a W-9. Typically, if you’re an independent specialist, freelancer or sole proprietor, you will need to execute an IRS W-9 form.
Download W9 Tax Form Printable