Request for Taxpayer Identification Number and Certification
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What is a W-9 Form?
A W-9 form is a vital document that must be filled out by contractors and other vendors for various reasons. These forms help companies and the government to keep track of all required contractor information. This IRS made form helps companies obtain information for purposes of payment and tax preparation options.
The W-9 form is usually issued to independent contractors, or in many situations, issued to people receiving interest payments, dividends, stocks or other investments. This form asks for some basic information including name, address, taxpayer identification number, and a few other important pieces of information about the taxpayer. Also, the W-9 form includes an option in which allows recipients to include a 25% withholding in order to pay tax debt or other financial responsibilities.
After the information is inputted into the W- 9 form and is submitted to the employer, the information is then eventually used to create a 1099 – MISC. The 1099 – MISC is sent to both the IRS and the taxpayer, and includes the information regarding how much money the taxpayer received and how much was taken for withholding. The individual taxpayer must use this form in order to report their taxes to the IRS, and the IRS use this form in order to calculate your tax information.
The form W-9 can also be used for the taxpayer to register for or receive a taxpayer identification number. The W-9 is also utilized to report income received or sent from one company to another. The company receiving the money submits this form to the other company, which then arranges the form 1099 – MISC for them.
The IRS created these forms to help keep track of all financial information for companies and individuals. The W-9 assists with accountability and structure for non-employment work.