IRS W-9 Form

IRS W-9 Form Requirements for an LLC

The w9 form must be filled out by independent contractors or self-employed individuals. However, entities such as LLCs must also complete this sample. LLCs are increasing in popularity since there is no set requirement to pay state income and federal taxes. Therefore, they file the form only as an individual entity and not as a corporation.

This document is needed to show a payment made by an organization, person or company. Payments do not need to be reported if they are under six hundred dollars. This includes payments for any services or materials.

If the company you work with requests you to file this sample, be sure that you understand why the request was made. The template contains both personal details and payment data - in other words, sensitive information. You should always submit your w-9 form pdf using secure transmission methods.

How Should an LLC File a W-9 Form?

By following the instructions given below, an LLC owner will be able to complete his/her printable blank quickly and easily. Make sure you pay attention to the following aspects:

  1. Start counting tax payments and completing documents beforehand. Don’t wait until the last minute to complete fillable w9 2019.
  2. Carefully differentiate the personal and business name because they will vary in most cases. Take your time and make sure everything is spelled correctly. The same rule should be applied when providing the Employer Identification Number - any mistakes may lead to penalties and misunderstandings with the IRS.
  3. Identify what type of payment corporation your firm belongs to. It may be a C-type corporation, S-type, as well as a partnership. For those who are the only owners of the company, it is necessary to select the owner’s tax classification type. If there is one owner, it is easier for the IRS if the SSN instead of EIN is given. Resident aliens who don’t have a SSN can include the Individual Taxpayer Identification Number instead.
  4. Check all the information twice. Mistakes regarding your name or identification number or debts can lead to backup withholdings of up to twenty-eight percent from the whole sum you earned per that year.

How to Speed Up the Infilling Process?

There are some other tips on accelerating the tax reporting process:

  1. If your personal and contact data remain unchanged, you can reuse the same document several times.
  2. Filing the 2019 w9 form electronically will save you much time so you can dedicate your focus to more important business. Moreover, you will be able to re-use the details included in the template.
  3. Keep careful tracking of your spending. It will help you to always have all the needed data in an organized format in situations where you must provide such information.

Use these three simple pieces of advice and make your tax season stress free!