What Should You Know Before Signing A W-9 Form?
Form W-9 is one of the simple IRS Forms that has just one function: it allows you to send a Tax Identification Number (TIN) that is employer identification number (EIN) or the social security number (SSN) to another bank, person, or other financial institution.
W 9 California is an information return, meaning it is just for giving someone else a piece of information they need. But as you are not sending it to the IRS, you should be careful about who exactly to send it to. Want to know what is a W9 tax form? Read on.
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What is A W-9 Form For Business And What’s Its Purpose?
Form W-9 is a tax document that the independent contractor’s sign to provide a taxpayer ID number. If the employer doesn’t have a taxpayer ID, or if the taxpayer ID is incorrect, the independent contractor should have federal income taxes withheld, as backup withholding.
Form W-9 is a standard tax document often utilized in business and finance transactions. So, by itself, a W-9 doesn’t pose problems. Still, there are some issues you must be aware of.
Where Do I Get A W-9 Form?
Your client, bank, or other financial institution have to send a W 9 themselves if they need to fill it out. Usually, if you want to file one, it is on its way. Download a PDF version of it on the IRS website.
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Want To Know More About W-9 Form?Form W-9, Tax Identification Number and Certification is a one-page IRS information that businesses and individuals send to their clients, or other individuals. Form W-9 doesn’t get sent to the IRS.
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When Not To Send Someone A W-9?
If You Get It From Someone You Don’t Know
If you are a contractor and you get a W-9 from a business or individual who isn’t a client, don’t fill this out. Sending your Social Security Number or SSN and other personal information to a stranger must be dangerous.
Scammers will sometimes send individuals W-9s to collect the SSNs. If you are suspicious about W-9 that someone has sent, ask them which tax forms they plan to send you back after filling it.
If you don’t know how to fill out a w 9 form for an individual. Consult a tax CPA, consult a tax CPA for assistance. Remember the only reason anyone would need a W-9 from you is that they need it to send some type of IRS form.
When You Employer Sends You One
Employers shouldn’t ask you for a W-9. The appropriate form for them is W-4. If you are starting a full-time job, and your employer gives you a W-9 instead of a W-4, it means they have hired you as an independent contractor and not an employee. Now, it can be a hook for tax payments to the IRS.
When To Send W-9 Form?
If someone is asking for a W 9 California, they need it to send you to form 1099, which you will need to report some kinds of income to the IRS.
It is in both your interest to get the forms in as soon as possible. Even though there isn’t any official deadline for filing a W-9, you must fill it out as soon as you get one.
Remember: if you fail to send someone a W-9 or send one with the wrong information, you may be subject to a penalty.
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