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W-9 Form IN: What You Should Know

If you are a business, whether you are a sole proprietor, part-owner partnership, or a corporate entity then your business is required to complete and pay the IRS a Form 1099 for every sale of goods or services. Form W-9: W9 Information for Independent Contractors and Freelancers Independent contractors do not receive a Form W-9, but they do use a Form W-9 as a record keeper. Independent contractors generally pay taxes and file personal income taxes and the IRS withholds taxes from wage payments. The Form W-9 is a record of that payment and the amount of taxes withheld and remitted. As an independent contractor or freelancer, you often need to fill out a W9 just like the business owner. This allows you to keep track of your payments. As an independent contractor or freelance worker, your W9 form needs to list a business name, physical address, and a physical business account number. You must also fill out the business information on line 5: (Line 15 is optional for certain occupations.) I hereby state that I am an independent contractor, freelance, or consultant What is a W9 for Self-Employed Individuals (Form SS-5, Employer's Identification Number)? Form SS-5, Individual tax return—Payment of U.S. federal income taxes (Form SS-5)—Self-Employed Individuals. (This is also a paper form you will need to fill out.) For self-employed individuals whose net income from all parts of their business exceeds 120,000, Form SS-5 is used to make an annual tax payment. Under the law, you do not get to report the taxes withheld from your first paycheck but must include it in the form you used to calculate your next payment. Self-employed individuals can use a third party company to file Form SS-5 for them. This is because a third party is needed to process the Form SS-5 properly and also file the tax forms. The IRS will not give Form SS-5 to a third party. Self-employed individuals should obtain Form SS-5 from a state employee compensation authority or the tax section of their state's government. Is there a difference between Form SS-5 if you are self-employed versus for a sole proprietorship or for a corporation? Yes.

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