In case you work as an independent contractor or a freelancer, filling W-9s is surely nothing new to you, and this process has already become a formal routine to claim income and honestly pay taxes your own.
However, some newcomers to freelancing might experience a bit nagging pain when a business suddenly asks to provide a blank with information for tax purposes.
Why are independent contractors in US obliged to fill these forms out? There is an easy explanation: when businesses hire a contractor for, say, a project and do not employ them as an official internal workforce, companies cannot withdraw income tax or pay Medicare taxes for their independent workers. But paying bills is paying bills, so IRS still has to know the amount of this external revenue to ensure freelancing workers do not forget to pay taxes. This is where these W-9 forms come into view.
So, your financial institution ask to complete a blank to obtain personal identifying information. There may be two options: download W-9 forms 2018 printable to have a paper copy or if a company needs an e-document, you can find a fillable PDF file and turn it in through e-mail. Also, some websites offer to download a Microsoft .doc file, that may be more convenient if you do not have Adobe Reader with editing functions. Speaking of the blank itself, it can be downloaded everywhere, not only from the official IRS site.
Current W-9 2018
Right before you get to print the paper, make sure it is exactly the format used currently. The easiest alternative to download a proper W-9 is to go to www.irs.gov and scroll through the latest blanks for 2018. Other resources can also provide a form, but the safest method is to get a blank via IRS.