How Does The W9 Form Work – Write the name as shown on your income tax return. 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. The form is an agreement that you will handle your own income taxes. The form is also relevant for corporations, partnerships, and trusts in cases involving investment income or dividends.
This form serves as a guideline and gives the employer the information needed to fill out a form 1099 at the end of the year. The form requires an individual to provide their name, address, tax qualification, and withholding requirements. Once you have the form, enter your basic personal information, like your name and address. As an independent contractor, vendor, freelancer or other individual receiving nonemployee compensation, you typically do not work for the person or.
How Does The W9 Form Work
How Does The W9 Form Work
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