W14 Form Vs W14 14 Things You Didn’t Know About W14 Form Vs W14
If you’re a freelancer, consultant, or contractor, or are self-employed in some added capacity, there’s a acceptable adventitious you’ll run beyond the IRS W9 form. It’s not as able-bodied accepted as added tax forms, such as the 1040 or W-2, but it’s still important.
In a nutshellThe official name of the IRS W9 anatomy is “Request for Taxpayer Identification Cardinal and Certification.” It’s a certificate you accord to a business that will pay you, not one that you charge to accelerate to the IRS. It exists because businesses that pay you charge your name, address, and tax identification number, so that they can after acquaint the IRS how abundant they paid you and can additionally accelerate you a 1099 anatomy appear tax time. (The IRS wants to apprehend how abundant payers pay workers, so that they can bout up those numbers with amounts the workers themselves abode on their tax returns.) Sure, the businesses ability aloof ask you to jot bottomward your name, address, and tax identification cardinal on a napkin or Post-it, but instead we accept the W9 form.
For many, if not most, folks, their tax identification cardinal is about their Social Security number, or SSN. But if you run a sole proprietorship, it could be your Social Security cardinal or your Employer Identification Number, or EIN, admitting the SSN is preferred. If your business is a single-member limited-liability company, or LLC, the SSN is about the appropriate cardinal to use, and if your business is a affiliation or multi-member LLC, you should use the EIN. (For abounding added details, analysis out the W9 anatomy itself and its accompanying instructions.)
Details, capacity …Here are a few added things to apperceive about the W9 form:
For a tax anatomy — and, really, for any anatomy — the W9 is simple and easy.
W14 Form Vs W14 14 Things You Didn’t Know About W14 Form Vs W14 – w2 form vs w9
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