61: What A W9 Form Is And Why You Should Be Requesting Them Now Whether You Are Starting A Business


61: What A W9 Form Is And Why You Should Be Requesting Them Now Whether You Are Starting A Business, You Are Self-Employed, A Solopreneur, Entrepreneur, Small Business Owner, Remote Virtual Online Bookkeeper, Virtual Assistant Or VA


Have you ever heard about the W9 form? It 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 episode, I am covering what the W9 form is, who you need to request them from and what you need to do with the information once you receive it. It doesn’t matter if you are using a computerized software system like QuickBooks, Xero, Wave or FreshBooks, or if you are doing your bookkeeping manually with an Excel spreadsheet or even a Google Document, you will need this information for your business. Whether you are just getting started with your business, you are a self-employed, a solopreneur, entrepreneur, small business owner, remote virtual online bookkeeper, virtual assistant or VA, you need to know why 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 from delinquent filing requirements…


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Show Notes:


Have you ever heard about the W9 form? It 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 episode, I am covering what the W9 form is, who you need to request them from and what you need to do with the information once you receive it. It doesn’t matter if you are using a computerized software system like QuickBooks, Xero, Wave or FreshBooks, or if you are doing your bookkeeping manually with an Excel spreadsheet or even a Google Document, you will need this information for your business. Whether you are just getting started with your business, you are a self-employed, a solopreneur, entrepreneur, small business owner, remote virtual online bookkeeper, virtual assistant or VA, you need to know why 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 from delinquent filing requirements…


Welcome Back…The W9 form has been around for a long time, but you may have only recently started hearing about it. The W9 form is a Request For Taxpayer Identification Number And Certification. You use the W9 form to request information from an individual or business that you need to file an information return with the IRS. Typically this form is used to get information from vendors who are independent contractors that you have paid $600 or more to 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 of 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 a 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 and 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. 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 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 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 returns necessary, but you will not send the W9 form to the IRS. This form is information only for you to use in your business.


Be 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 form filings that your business needs to do. 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. You can contact me by going to www.FinancialAdventure.com/Contact-Us - I’d love to hear from you, and I personally respond to all my emails. I’ll be holding my workshop, The 7 Mistakes To Avoid In Your Business Workshop next week. In this workshop, you’ll learn what successful entrepreneurs have overcome to raise the level of success in their business and master their small business finances. You can register for this workshop by going to www.FinancialAdventure.com/workshop. Make sure you check back frequently to see which workshops are coming up next. I’ll post links for these and other valuable resources for business owners and bookkeepers where you are listening to this podcast and in the show notes.


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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