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Form W-9 - Tax Forms - 1099 and W2 IRS Tax Forms | Buy Tax Forms

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Form W-9

The W9 form is one of the most common tax forms among freelancers and independent contractors.  Those who fill out one of these forms are generally people who are paying money on their social security number. It is used for a variety of different reasons yet the most common reasons are because someone is working as a freelancer or an independent contractor instead of as a traditional employee.

Independent Contractors vs Employees - When you are required to fill out a W9 by a company before being allowed to work it means that you are not classified as an employee even though your job duties may be in the same line as an employee. There are really no major differences between being an employee and being an independent contractor accept the fact that independent contractors have more flexibility when it comes to how they perform their job duties. Not to mention the fact that independent contractors usually do not receive the benefits that employees do such as 401 k and health insurance. However, by working as an independent contractor you will be eligible for more deductions when it comes to your work related deductions. One of the most common deductions among independent contractors is keeping up their home office.

Getting Your 1099 Form - Once you have filled out a W9 form you can expect that a 1099 form will be coming from the individual or business that you filled out the form for. For the most part it is the same as a W2 form that employee’s receiver however it is easier to understand because all it has to do is report your gross payments. A 1099 makes it easy when it comes to filling out your annual tax return. All of the amounts that are listed on all of the 1099 forms you received must be included because they are still taxable just like the wages that an employee makes. Furthermore, you will want to make sure that you report all of the income and pay the taxes on it because if you do not you could be hit with some pretty harsh penalties which will make the amount of money that you have to pay the IRS even more expensive.

Request a W9 If you are someone who pays independent contractors you will have to make sure that you obtain a W9 form from them. However, you do not have to worry about sending it in to the IRS. When the time of year approaches to report all payments made to independent contractors on the 1099 form you will have to have the information on the W9. But, the only reason you will have to issue them with a 1099 is if you have paid them over $600 or more during the prior year. If you have you will then be responsible for providing the information to the IRS.

 

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