If you work as a freelancer, you have an LLC, or you provide any other paid services, then you need to know what the W-9 form is. This form is necessary so that enterprises can receive key information about taxpayers. Each individual must provide relevant information whenever payment to a non-staff member occurs.
How to complete a W-9 form step-by-step
Filling out documents of this kind will not be difficult. Even if the question is how to complete the sheet for a minor or for a revocable trust this will not cause difficulties.
Reasons to file the blank:
- Financial manipulations with real estate;
- Mortgage repayment made;
- Transferring money to a private foundation or organization;
- Repayment of a debt;
- Paying for a freelance employee;
- Contributions to the IRA (Pension Fund).
This is one of the easiest forms to fill out which you need to follow step-by-step instructions.
- Entering personal data, just like in your tax return. Often people ask a question – how often do I need to fill out documents and what data to enter. As a rule, the data remains unchanged if you have not changed your place of residence or first name/surname.
- Next, you need to indicate the name of your organization. So that later there will be no problems and questions how does a business complete a W-9 write only the correct data.
- Indicate the type of your legal entity: one owner, partnership of several persons, LLC or you need documents for a trust or corporation.
- Information about tax exemptions.
- Next, you need to specify the exact address where you live. It is preferable to use the address as in the tax return.
- In the next section indicate your business tax identification number – an individual social security number or your employer identification number.
Before signing a document, be sure to verify the accuracy of the information provided. If you intentionally or not intentionally indicated incorrect data, then a fine or even a real term in prison may await you.