1 / 12

Get Knowledge About IRS Tax Form W9

An IRS Form W-9 is used to certify Taxpayer Name and Tax ID Number information. For more detailed information consult the instructions on the Form W-9 itself.

rogersmith12
Download Presentation

Get Knowledge About IRS Tax Form W9

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. What Is IRS Form W-9?

  2. What Is IRS Form W-9? IRS Form W-9 is most commonly used by individuals when they are working as a freelancer or independent contractor.

  3. What Is IRS Form W-9? If you ever find yourself filling out a Form W-9, it generally means that a business or person who is paying you money needs your Social Security number so it can notify the IRS of the amount.

  4. What Is IRS Form W-9?  The W-9 is used in a wide range of payment situations, but most commonly, taxpayers fill them out when they are working as a freelancer or independent contractor rather than an employee.

  5. Independent contractors vs. employees When you fill out a W-9 before doing work for a company as an independent contractor, you are not considered an employee even though you may be performing the same type of work as one. 

  6. Click Here For IRS Form W 9

  7. Independent contractors vs. employees The differences can be quite subtle, but generally, independent contractors have more control over when and how they complete tasks and don’t receive any of the benefits that employees do, such as 401(k) contribution matching or health insurance. However, as an independent contractor you are eligible to claim more deductions for the expenses that relate to your work, such as maintaining a home office.

  8. Receiving your Form 1099 When you are asked to fill out a W-9 form, at some point in the future you may receive a 1099 tax form from the person or business that pays you. This is similar to an employee’s W-2 form, but is much simpler since it only reports your gross payments.

  9. Receiving your Form 1099 This 1099 is important for filling out your tax return at the end of the year. You must include all amounts reported on 1099 forms in your gross income since it is fully taxable just like an employee’s wages. If you fail to report any of this income and pay tax on it, you may be subject to a number of penalties that will increase the amount you owe.

  10. Requesting a W-9 You may even find yourself on the other side of the transaction if you are the one making the payments to an independent contractor. You have a responsibility to obtain the W-9 from the contractor and retain a copy of it; however, it’s not necessary to send it to the IRS.

  11. Requesting a W-9 When it comes time to report all payments you make to the independent contractor on a 1099 form, you will need the information on the W-9. It’s only necessary to issue a 1099 if you pay the independent contractor $600 or more during the tax year. If you do, you must send the 1099 to the IRS as well.

  12. Thank You For More Information Visit Our Website …. www.efederaltaxpreparation.com

More Related