This template will give the requestor relevant tax data for tax reporting purposes. Mainly, it is submitted by freelance workers or independent contractors to the companies they did contracting work for. This process usually applies to people who do not work for a specific company as regular employees.
If you ever need to fill up this form, an entity or individual paying you need your TIN, social security number (SSN), or Federal Employer Identification Number (EIN/FEIN).
Because of the absence of employment contracts, W9 tax forms are needed to ensure that the correct income taxes are paid. So if you’re a contractor or freelancer, it is essential to be diligent in submitting a completed form.
In some cases, you may be asked to fill out the W-9 to report real estate transactions, debt cancellations, mortgage interest payments, and supporting documents.
The person paying is liable for a penalty for failure to report the information on time in an Internal Revenue Service or IRS investigation. If a person fails to properly file their W-9, they can be penalized. It can lead to serious issues with tax authorities, as the company has not paid taxes on behalf of its contractors.
If you are looking for a W-9 tax form, you can find them online or in your local IRS office. There are also downloadable templates that you can use to facilitate the process and help ensure your information is accurate.
Whether you’re filling out the form as an individual, sole proprietorship, single-member limited liability company (LLC), corporation, partnership, or trust/estate, it’s important to understand the information requested on the form and ensure that you provide all of the required details.
At a minimum, the form will require your name and address, as well as your SSN or EIN. You may also be asked to provide other information, such as your exempt payee code, account numbers, and business name.
Below are the details that you will need to enter in each section of the W-9 tax form:
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