What is the Purpose of an IRS W-9 Form?
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Completing IRS Form W-9 isn't something you generally have to deal with unless you're an independent contractor , a consultant, or another self-employed worker. You might be asked for one when you're opening an account. Some real estate transactions require W-9 forms as well, and you might be asked to complete one if a lender cancels a debt that you owe. Completing Form W-9 is pretty straightforward. Just provide your name on line 1, and your Social Security number in Part I.
True to its name, individuals and entities use the form to provide their taxpayer identification number to entities that will pay them income during the tax year. Companies use your W-9 for accounting purposes but doesn't send the form to the IRS. The information is used to prepare MISC forms at the end of the year. If you have your own business or work as an independent contractor, a client may request that you provide a W-9 so they can accurately report the payments they make to you. You can download the form from the IRS website. If you are operating a business under a separate name, you should enter that on the second line.
Use Form W-9 to provide your correct TIN to the person who is required to file an information return with the IRS to report, for example.
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Before preparing the MISC form, you must give your payer a valid taxpayer identification number. The form used for this information is a Form W If the employer doesn't have a taxpayer ID, or if the taxpayer ID is incorrect, the independent contractor must have federal income taxes withheld, known as "backup withholding. Form W-9 is a standard tax document often utilized in business and financial transactions. So by itself, a W-9 doesn't pose many problems. Still, there are some simple issues to be aware of.
What Is a W-9 Tax Form?
The form is never actually sent to the IRS, but is maintained by the individual who files the information return for verification purposes. The information on the Form W-9 and the payment made are reported on a Form
3 Check appropriate box for federal tax classification of the person whose name is entered related to Form W-9 and its instructions, such as legislation enacted.
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