Let’s have a look at it. It’s a special IRS gov form for paying the taxes that informs the taxpayer is not subject to backup withholding and is responsible for all own taxes. In fact, this is a request to the payer, for which the employer does not pay taxes. It is usually filled by independent contractors who receive payment for their services under the contract in full without tax deductions.
In this case, they have to fill out the current form and submit it to the tax service. So if you receive some payments directly from contractors you should check if you qualify to fill W-9 form to pay your due payments. Any income received from some real estate transactions, interest rates on mortgages paid by an individual, and dividends paid to shareholders, for example, must be indicated in IRS W-9 tax form.
How you can submit it?
By the way, now it is very convenient to do this, you do not need to go anywhere or consult with someone because the W-9 forms are available online. You can W9 form 2020 download using your home computer or tablet, and also you should know that it’s available W9 form electronic submission. Be sure to read the rules for filling it out if you work as a freelancer or a professional consultant. Your contractors will provide information on the amounts paid to you to the tax office, so your task will be to fill out this form on time and correctly.
How to fill it?
The document is very easy to fill out, but it is very important to fill it out without errors. You need to indicate in English
- your name
- name of your business
- your residency
- tax classification
- TIN or social security number
Pay your special attention to correctly enter all your data and sign it with a date. And don’t forget to keep all your data updated. If you have changed your business name or tax classification – please change it in your W-9 form.
So what is a W-9 form IRS? It’s a special request for taxpayers to pay by any independent contractors. All freelancers are should fill in this form to avoid any misunderstanding with the IRS. Don’t forget to declare your incomes and pay due taxes on time.