Filling Out W9 Form For Bands

Filling Out W9 Form For Bands – This allows the entity to issue accurate 1099 forms or similar tax documents reflecting income paid during the fiscal year. Still, it's important to fill it out correctly to avoid backup withholding and other penalties, including a $50 penalty from the irs for failure to provide a correct tin. There are several different types of 1099 for different types of payments, so let's dive in.

Once completed, submit the w9 form to the requesting party, such as a client or financial institution, rather than to the irs. Acquisition or loss of secure property; Businesses are required to keep track of and report who they pay. Pretty standard stuff with venues that pay by check.

So someone in the band needs to do the w9 to accept payment and the 1099 at the end of the year. The musician/performer usually files a schedule c as part of their regular 1040 income tax form (this is where you report the revenue you received last year!). Since the payroll will divide out among the band members, it's pretty much a wash tax wise, and the only part you'll be responsible for is the cut that paid out to you.

How to Fill Out Form W9 YouTube