363: Avoiding W9 Form Mistakes Whether You Are Starting A Business Or Side Hustle, A Solopreneur, Entrepreneur, Mompreneur, Freelancer, Accountant, Bookkeeper, Virtual Assistant, Business Owner
- Financial Adventure, LLC
- 2 days ago
- 8 min read
363: Avoiding W9 Form Mistakes Whether You Are Starting A Business Or Side Hustle, A Solopreneur, Entrepreneur, Mompreneur, Freelancer, Accountant, 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.
If you’re an accountant or high-stress professional, you want to start enjoying your life more, both at work and at home. You’ve likely built a successful career, but at what cost? The problem is you’re so buried in deadlines and to-do lists, there’s no time or energy left for the things that really matter. You’re great at managing clients, deadlines, and numbers, but your own stress, time, and well-being, well, they always seem to come last. The constant pressure leads to burnout, guilt, and feeling like no matter how much you do, it’s never enough. I see this all the time. As a CPA with over 20 years of experience and a Certified Coach, I’ve helped high-achieving professionals like you go from stress and burnout to a more integrated and balanced lifestyle using The RE*INVENTION™ Process. This process helps you reduce stress, reclaim your time, and finally build a healthier, happier, more balanced lifestyle without sacrificing your success. The truth is, stress doesn’t go away on its own, and eventually, the cost isn’t just exhaustion; it’s your health, your relationships, and your love for the work you once enjoyed. If you’re ready to build a life you don’t need a vacation from, it’s easy to get started. First, schedule your Complimentary Stress Audit & Clarity Session, where in just one session, I’ll help you pinpoint what’s really draining your time and energy, create a personalized action plan to help you simplify your life, reclaim your time, and increase your productivity so that you start living with more energy, focus, and freedom. You don’t have to keep doing this alone. I can help you customize a plan to stop the overwhelm and start enjoying your life again. Go to www.FinancialAdventure.com, click on the Work With Me button, and book your free session today. Let this be the moment you stop just surviving and start living with more control and finally enjoy a more integrated and balanced lifestyle again. In the meantime, check out all the other resources and solutions on my website that you can immediately apply to your life so you can stop being stressed out and feeling like you're never doing enough, and instead breathe a sigh of relief at the end of the day, knowing you've accomplished enough and can enjoy your life more.
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.
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 want accountability or support, visit www.FinancialAdventure.com. You’ll find links to join our private Facebook community, connect with me on LinkedIn, and discover more free resources to help you reduce stress, boost productivity, and build a business and life you truly enjoy. I’ll see you there.
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