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166: Understanding The W9 Form Whether You Are Starting A Business Or Side Hustle, A Solopreneur


166: Understanding The W9 Form Whether You Are Starting A Business Or Side Hustle, A Solopreneur, Entrepreneur, Mompreneur, Freelancer, Bookkeeper, Virtual Assistant, Business Owner, Or Self-Employed


The W9 form is an important form, and more than likely, you’ve either had a request for this form, or you yourself may be requesting them from your vendors. This form is used to collect information about others, but knowing in advance that you need to request this information will not only save you valuable time but it will also give you the information you need to file necessary and accurate documents for your business as well. In today’s podcast episode, I am covering what the W9 form is, who you need to request it from, and what you need to do with the information once you receive it. Whether you are starting a business or side hustle, you’re a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper or accountant, a virtual assistant or VA, or other professional; you will need this information for your business, and having an understanding about why you need this form will make an impact on you and your business. The W9 form is one of the first steps in the process for filing your 1099s, and making sure you have this information can save you from getting penalties for delinquent filing requirements…


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Show Notes:


The W9 form is an important form, and more than likely, you’ve either had a request for this form or, you yourself may be requesting them from your vendors. This form is used to collect information about others, but knowing in advance that you need to request this information will not only save you valuable time but it will also give you the information you need to file necessary and accurate documents for your business as well. In today’s podcast episode, I am covering what the W9 form is, who you need to request it from, and what you need to do with the information once you receive it. Whether you are starting a business or side hustle, you’re a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper or accountant, a virtual assistant or VA, or other professional; you will need this information for your business, and having an understanding about why you need this form will make an impact on you and your business. The W9 form is one of the first steps in the process for filing your 1099s, and making sure you have this information can save you from getting penalties for delinquent filing requirements…


Welcome Back… The W9 form has been around for a long time, and you’ve more than likely received requests to fill this form out for your own business. The W9 form is a Request For Taxpayer Identification Number And Certification. It’s a way for businesses to collect information from vendors, freelancers, and other individuals they work with. This form provides the necessary details for reporting payments to the IRS. Typically, this form is used to get information from vendors who are independent contractors to whom you have paid $600 or more during a year so that you can issue the appropriate 1099 form for them. By collecting the information on the W9 form in advance, you are easily able to complete the 1099 forms on time without the hassle of trying to get this information right before the deadline for filing any returns you are required to file.


The W9 form asks for the individual or business name, federal tax classification, address, and Social Security Number or Employer Identification Number.


Just as the W2 is filed by an employer to let the appropriate federal or state level know how much in income, withholdings, Social Security, and Medicare taxes an individual has made throughout the year, the W9 form gives you all the information you need to file the appropriate information return, such as the 1099 so that the IRS can make sure that these individuals are paying the taxes they owe on income that is not considered wages that would be reported on a W2. If you are an employee, you will not need to fill out a W9 form for your employer.


Whenever you obtain a new vendor, you should be requesting a W9 from them, but I see many of the clients I work with miss this opportunity, and they seek out this information right before they need to issue the 1099s for their business. If you haven’t requested a W9 form from your vendors already, the next best time to do so would be right now so that you can receive this information prior to the 1099 deadline. You want to make sure you have all the information necessary to file any 1099s that are required. The due date to file your 1099s is January 31st. Knowing that this date is right around the corner, you need to make sure you have this information available to you so that you are not scrambling to meet the deadline with information you don’t even have yet. Some businesses will require the W9 form to be filled out and received by the business prior to them sending out any payments to encourage prompt receipt of the form.


You can easily obtain a copy of the W9 form online from the IRS website. You can either send a copy of this form to your vendors or you can ask them to print a copy from the IRS to fill out and return to you. When you receive the W9, you will use this information for filing any necessary returns, but you will not send the W9 form to the IRS. This form is information only for you to use in your business.


If you are wondering why you should bother with this form, I want you to know that obtaining completed W9 forms is the first step in compliance with IRS regulations. It helps ensure that your business is accurately reporting payments made to individuals and entities, which is crucial for maintaining transparency and avoiding potential legal issues down the road. When you put a streamlined process in place to obtain these forms, you’ll save time, reduce stress, and it will ultimately contribute to a healthier work-life balance. Imagine having a system in place where you spend less time buried in paperwork and more time doing what you love. That’s where I help my clients. They are able to have proper processes in place, understand why they are following through with these processes, and they have more peace of mind when it comes to their business. Striking a balance between the demands of running a business and maintaining a fulfilling personal life is an art; it’s about creating an environment where you can thrive and support your lifestyle.


So, I want you to start being proactive and request your W9 forms as soon as you get a new vendor, or whenever a vendor has a change to their W9; make sure you request an updated W9 so that you have the accurate information you need to fulfill your obligations for any forms that your business is required to file. If you are ever unsure if you need to have a W9 filled out from a vendor, you can always request to have the form completed. It is always better to have the form filled out if you are ever in doubt. If you have any questions about the W9 form or any other bookkeeping topic, please know that you can reach out to me. By being proactive and setting up efficient processes, you can ensure a smoother, more enjoyable year-end, and you’ll be prepared to file any necessary filings with the IRS. If you need help or still have questions about the W9 form or other areas of compliance in your business, let me know. By working with me, you’ll change more than just your bookkeeping processes. Like many of the clients I’ve worked with, you’ll go from not knowing how to get through all the stressful situations or being unprepared to being totally in control of exactly what you are choosing to get done at the time you want to have it accomplished by, all while knowing you are doing enough and you’re able to enjoy your business and your personal life. I help clients just like you with strategy, mentorship, and coaching. When you work with me, you’ll show up much more differently than you do today, and, after all, this is what you ultimately want in your life, right? You can be stress-free in both your professional and personal life. Come join me. I have a special holiday offer available for you to work with me on a one-on-one basis from now through the end of the year for a one-time payment of $197. I know the holidays, running a business, keeping up your professional life, and enjoying your personal life can be hard. There’s a lot to accomplish in a short amount of time. You can email me at Info@FinancialAdventure.com to get this offer or email me from the www.FinancialAdventure.com website. This offer is only for this upcoming holiday season and will be going away soon. If you are listening to this podcast after the holiday season, don’t worry; I’m still here to help. When I work with clients throughout the year, they are able to reduce their stress and overwhelm, understand how to master their small business finances, develop solutions to grow their bottom line and create a work-life balance they truly enjoy. I encourage you to take the next step by signing up for a free consultation where I’m going to teach you the first step in my process so that you can eliminate stress, overwhelm, or overworking in your professional or personal life while you continue to get done what matters so that you can live your life with joy, purpose and a more fulfilled life. Feel free to reach out to me with any questions you have; I’d love to help you on this journey. You can schedule your free consultation or sign up for a coaching session today at www.FinancialAdventure.com. As a Certified Public Accountant and Certified Life Coach, I can help you set goals and develop a plan that will allow you to lead a happier and more sustainable life in your business, career, or your personal life. I’m here to guide you through the financial aspects of your business as well as help you focus on the strategies you need to follow to reach the success you want to achieve in your professional or personal life and stay committed so that you can continue to keep pushing forward and relieve the stress, anxiety, or overwhelm you are currently feeling. Having an accountant and certified life coach like me can provide you with valuable insights and ideas to help you simplify your life, which enables you to go back to enjoying your professional and personal life. I work with business owners, accountants, and other financial professionals to create the actionable steps they need to take to ultimately achieve their goals while getting relief from the stress and overwhelm they feel from the pressure of owning a business, deadlines, and the workload they face every day. If you are struggling with this as well and would like some help developing a solution, help strengthen and maintain your emotional health, increase your well-being, create a more positive, happy, and joyful life, set and achieve your goals, and manage your relationships, I’d love for you to join me in my Balance Life Coaching program so that you can live a more purposeful life. Each week, we meet privately one-on-one, and you get to bring whatever is on your mind on any given week. I also have a daily coaching program where you can talk to me whenever it works best for you, 24/7, any day of the week. In either program, you get to work on your highest priority, whatever you want more of in your life, or if there is something that is weighing on you heavily that you need coaching on, and we’ll work through it together. Having a certified life coach like me helping you through all of this allows you to feel so seen and cared for, and the results are amazing. Everyone benefits when they work with a certified life coach. After every session, you feel energized, and you know exactly what to do for the day or week to come, and relief knowing we will meet again to go over anything that comes up after your session. You’ll gain self-awareness while you take each step toward your goals. The investment in either of these programs is an easy yes for you. I’ve set these programs up in the most supportive way. If you are ready to join the Balance Life Coaching program, you can go to www.FinancialAdventure.com and click on the work with me button. You’ll see the link to join as well as additional information about the programs. Sign up now. There are limited spots available for these programs due to the one-on-one aspect, and they do sell out. If the payment link is gone, you can get on my waitlist to join the programs when additional spots are available. I help people get results and live a more joyful life. I coach everybody on everything. I know there is something you want in your life, and I can help you get it. I know this is something you’ve been waiting for. I’ve been asked by many of my listeners to create these exact programs. The faster you get access to the program, the quicker you’ll see the possibilities available to you. I also have a risk-free guarantee. I believe so strongly that everyone benefits from coaching that when you sign up for the Balance Life Coaching program today, if for any reason you are not satisfied with your first session, you can send us an email, and we’ll refund you immediately. Are you ready to enjoy your life now? Why would you want to wait? Make this investment for yourself. Take the journey with me…make it happen for yourself. Ask yourself why you need this program in your life right now. Are you ready to make bigger, bolder, stronger life goals? I’m looking forward to meeting with you soon and digging deeper to see where you currently are in your business or career and start creating actionable steps so that you can reach your vision and goals for the future, not only in your business or career but also in your personal life. I’m ready to work with you, see all of your successes, and watch you thrive in your business or career while creating your best work-life balance. I’ll post links to this and other valuable resources for business owners and accountants where you are listening to this podcast.


And, you know I’m going to ask…what’s at least one thing you will take away from this episode that will help your business succeed and grow your bottom line? If you need some accountability, join our PRIVATE Facebook community and post your action item, we’d love to support you.

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