There are several federal tax forms that are used by taxpayers in the United States to accomplish reports about their financial information to the IRS or Internal Revenue Service. One of these forms is called the Form W-9.
Individuals who receive this form from a company or companies are those who are not regular employees but have provided their services for certain fees. People who fill up the form include those involved in freelancing, consultancy, or those independent contractors.
Form W-9 is filed by merchant partners and they require you, as the service provider, to fill out the form with your Tax Identification Number (TIN) or your Social Security Number (SSN), so they can report the income they paid you to the IRS.
An accomplished W-9 form reports taxable interest and dividends on tax returns. With the form completely filled out, the amount paid by the merchant for your services will not be subjected to the 29 percent backup withholding tax.
Form W-9 is also referred to as the Request for Taxpayer Identification Number and Certification. It is a form required of a US person or resident alien to verify and confirm that individual’s TIN.
Any entity with whom you have transacted with for paid services, for real estate transactions, or for your mortgage interests will need to obtain your correct TIN in order to report and file the income. The W-9 is used to verify the TIN.
Regular employees are not required to fill up this form but the freelancers, consultants, and independent contractors need to provide their name, address, SSN, or TIN.
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