Hi Michael, First thank you do much for this info. I was given a W -9 I am participating in a 6 month group study for a company. In section 3 would I be the box for Individual/sole proprietor? Next I do not want any taxes held - does this form hold taxes? Lastly, section 4 - Is that also N/A for me ? Thanks a lot.
Michael, i recived a W-9 from Verizon Wirless on disputed owed amount requesting I fill out for Verizon, question do I need to fill out the W-9 for Verizon, which request not to mail to IRS but back to Verizon, what do you think, thanks
Wait! I'm so confused ! I rent an apartment that recently just had a little renovation done by the former owners of the building a few months ago but the building is now under new management by another company that just of yd sent me a w9 form asking me to fill it out bc it pertains to my security deposit being returned to me with interest ! So my question is why am I being asked to fill out a w9 form ifI don't own this building and certainly didn't hire anyone to do the construction that what was recently done?
Of course you skipped right over the trust box. Why is a bank asking me to fill out a w9 on a bank account listed under a trust? And does the trust need to apply for a TIN?
What if you send a W-9 to someone whom you have paid for services, but he never returns it to you? What do you do about the 1099? Second question: If you already have all the information you need to fill out the 1099, is there a need to do a W-9?
So, simply put, if a company owns a company. Then you'd write "Apple" on line one and "Google" on line two? And if a person owns a company the person's name is on line 1 and the actual businesses name is on line 2?
Hey Michael as far as filling out the W9 form we have a E-Commerce company that wants us to submit a W-9 form for payouts but how do I go about it if I have a business partner. We are not a S-Corp or LLC as of yet we do have the name of the business. But we want to test out our idea first before we get into that. How should I fill out this form I am in charge of product creation setting up the store and my partner is in charge of marketing & creatives running ads through social media. Thank you in advance.
Why my life insurance company sent me W-9 when I told them that I want to cancel my life insurance policy and want to get my cash surrender value? Please advise. Thank you.
What if you are a store front printing T shirts for a customer, charging them as i do all other customers including taxes, do I still need to give them a W9, do i need to give every customer who walks in my brick and motar and orders more than 600 dollars in sales, give them a W9?
why in the world would you give a customer a W-9? You have no obligation nor right to demand a Taxpayer Identification Number such as a Social Security Number from your customers.
that is what all American businesses should do. That is the American way! No law requires Americans to fill out W-4 or W-9 forms. No law requires Americans to have or use a Social Security Number to earn a living. If American businesses did what you suggested, there is nothing the IRS could do. The workers would not receive any W-2s or 1099, and therefore, the IRS would have no idea how much money Americans would make! Freedom!
Hi Michael! Thanks for making this fantastic video :) quick question: Should I give my US clients a W-9 or W-8BEN? I'm a Non-resident alien (UK citizen & resident) and 100% owner of a Wyoming single-member LLC (disregarded entity). Thanks!
Hi Dan, from what I've seen through my own research, it would depend on the address of your operations. W-9 being for a US address, W8-ECI or W-8BEN-E for an international one (FYI W-8BEN is for individuals, W-8BEN-E is for entities).
Dan, The W-8BEN is an Internal Revenue Service (IRS) mandated form to collect correct Nonresident Alien (NRA) taxpayer information for individuals for reporting purposes and to document their status for tax reporting purposes. Therefore, you would not need if you (the payer) are outside the United States.
@@patclark2932 interesting. Pat, if I have a Delaware LLC single set up (single member) and receives commissions from international businesses for sales/placements do I need to send them a W9 form to be ok in the US? Or is it a W-8BEN I need to send them for US tax purposes? I've never heard of the W-8BEN.
do i turn this form into the IRS immediately after i hire my employee and they've filled this out? Or do i wait until i send in their 1099 at the end of the year?
Hi I have a question I have been doing cleaning work for a small office which I’ve been collecting payments through square , they just sent me a w9 to fill out but I don’t have a LLC what should I do ?
@@azprovident2968 Thank you so much!!! So just so i understand correctly, I can put my name on Line1, my business name on Line 2, check single-member LLC on Line 3 and then EIN in Part 1 and put N/A for the SS#?
@@azprovident2968 can i put my personal name line 1, dba name line 2 and use my ein instead of ssn? Would there be any issues w the ein being linked to my single member llc with me putting my d. B. A. Name on line 2? Thanks. I dont like my llc name and would like to change it at somepoint but already have a good d. B. A.
Hey Michael V.! so I own an office leaning company. and one of my customers sent me a w-9. i filled it out and sent it back. could you explain how does this affect my tax payments please? will i owe more tax now? so im giving up 28% for the self employment tax? this is where Im not clear.
If your customers asked you to fill out a W9 they will likely be issuing you a 1099. This is for the money that they paid you already, so you should already be claiming these funds on your tax returns. Since you are a vendor to them your cleaning company will pay all the self-employment taxes of 15.3% on top of your state and federal taxes. I hope this clears up your questions.
@@Chris-wk8nu Well that’s a complicated question in regards to the progressive tax system we use in the United States, so it depends on how much money you are making....That’s really a great question for your accountant who will be doing your taxes this year. But your tax brackets can be done with a simple Google search. In regards to your question on self-employment taxes, yes you will be paying state and federal taxes on top of the 15.3%.I hope you find this information helpful. You can always reach out to firm , would be happy to help if you need a tax professional
Karen Ronaldo are you receiving w2 wages or a 1099 from your employer? That would be the question I would ask your employer. If you are just paid by an individual for each peer, you are considered an independent contractor and you would be subject to the self employment taxes along w state and federal taxes. Let me know if you have any other questions.
Everything in this video is accurate, but what's not told by CPAs, Tax Attorneys, (probably because they don't know) and certainly not the IRS, is that the W9 and other federal information forms are ONLY for taxpayers. As a result paying entities think they have the obligation and right to withhold payments pending the receipt of a filled out form. There is a such thing as a legal Non-taxpayer, one who is NOT liable for the federal income tax. "The revenue laws are a code or system in regulation of tax assessment and collection. They relate to taxpayers, and not to nontaxpayers. The latter are without their scope. No procedure is prescribed for nontaxpayers, and no attempt is made to annul any of their rights and remedies in due course of law. With them Congress does not assume to deal, and they are neither of the subject nor of the object of the revenue laws..." (Emphasis added) [Long v. Rassmussen]
Thank you! It's no longer intimidating, I appreciate this video 😊🙏🏿
This Guy should get Millions of Subscribers What a neat information Thanks Bro!
Thanks for your emotional support to understand well for the W-9
Your video was very helpful and well explained ❤
Thank you very much. Super useful video!
Thank you. Tried to watch a couple videos like this one, this was the first one that stuck.
Thank you so much!!! Very helpful and I did panicked until 👀 watching
thanks for this just got asked to fill out one
Very helpful 👌 thank you for sharing!
Thanks for the advice on not panicking! 😅 Love this vid. 🤌🏽
Thanks for the info! I have that same shirt!👍
Hi Michael,
First thank you do much for this info.
I was given a W -9
I am participating in a 6 month group study for a company.
In section 3 would I be the box for Individual/sole proprietor?
Next I do not want any taxes held - does this form hold taxes?
Lastly, section 4 - Is that also N/A for me ?
Thanks a lot.
Great video. Was tremendous help for me! Thanks
Thank you this video was very informative
Michael, i recived a W-9 from Verizon Wirless on disputed owed amount requesting I fill out for Verizon, question do I need to fill out the W-9 for Verizon, which request not to mail to IRS but back to Verizon, what do you think, thanks
thank you my friend! great video
If this company that I’m going to do work for is asking me for a W9 do I need to ask them for a 1099 form before I start the work?
Should I be being charged taxes on my W-9 if I’m gonna report them as well and then pay taxes again?
Thank you
Good information Thank you!
this was so helpful wow
Lets go, 1000th like!!
Wait! I'm so confused ! I rent an apartment that recently just had a little renovation done by the former owners of the building a few months ago but the building is now under new management by another company that just of yd sent me a w9 form asking me to fill it out bc it pertains to my security deposit being returned to me with interest ! So my question is why am I being asked to fill out a w9 form ifI don't own this building and certainly didn't hire anyone to do the construction that what was recently done?
Cool very helpful video thanks!
Hi thanks for such an informative video. Where do we get tis form?
Of course you skipped right over the trust box. Why is a bank asking me to fill out a w9 on a bank account listed under a trust? And does the trust need to apply for a TIN?
I got a wellsfargo W9 form and idk why? Idk if I should fill it out
What if you send a W-9 to someone whom you have paid for services, but he never returns it to you? What do you do about the 1099? Second question: If you already have all the information you need to fill out the 1099, is there a need to do a W-9?
I’m going through that right now. It’s irritating!
And do the authors that hired us to publish their books get any form from the Iris or from us
So, simply put, if a company owns a company. Then you'd write "Apple" on line one and "Google" on line two? And if a person owns a company the person's name is on line 1 and the actual businesses name is on line 2?
It my understanding that if you have an EIN but are taxed as a Sole Prop/individual LLC you should actually use your social not your EIN....
No true. You should use the EIN if you have one for the Sole Prop.
Hey Michael as far as filling out the W9 form we have a E-Commerce company that wants us to submit a W-9 form for payouts but how do I go about it if I have a business partner. We are not a S-Corp or LLC as of yet we do have the name of the business. But we want to test out our idea first before we get into that. How should I fill out this form I am in charge of product creation setting up the store and my partner is in charge of marketing & creatives running ads through social media. Thank you in advance.
ty
If I am a publisher and contracted a designer to design book covers do I fill the w9 or do they
Thanks. Can you do another video on how to fill your income tax as an LLC?
Why my life insurance company sent me W-9 when I told them that I want to cancel my life insurance policy and want to get my cash surrender value? Please advise. Thank you.
Jay Bee they will likely issues you a 1099R form. Which depending on the basis in the policy, you may be liable for some taxes on it.
What do you do when your Social Security says not valid for work?
Thank you 😊
THANK YOU!
What if you are a store front printing T shirts for a customer, charging them as i do all other customers including taxes, do I still need to give them a W9, do i need to give every customer who walks in my brick and motar and orders more than 600 dollars in sales, give them a W9?
why in the world would you give a customer a W-9? You have no obligation nor right to demand a Taxpayer Identification Number such as a Social Security Number from your customers.
But what if you get paid cash and pay your “workers” cash ?
that is what all American businesses should do. That is the American way! No law requires Americans to fill out W-4 or W-9 forms. No law requires Americans to have or use a Social Security Number to earn a living. If American businesses did what you suggested, there is nothing the IRS could do. The workers would not receive any W-2s or 1099, and therefore, the IRS would have no idea how much money Americans would make! Freedom!
Hi Michael! Thanks for making this fantastic video :) quick question: Should I give my US clients a W-9 or W-8BEN? I'm a Non-resident alien (UK citizen & resident) and 100% owner of a Wyoming single-member LLC (disregarded entity). Thanks!
Hi Dan, from what I've seen through my own research, it would depend on the address of your operations. W-9 being for a US address, W8-ECI or W-8BEN-E for an international one (FYI W-8BEN is for individuals, W-8BEN-E is for entities).
Dan, The W-8BEN is an Internal Revenue Service (IRS) mandated form to collect correct Nonresident Alien (NRA) taxpayer information for individuals for reporting purposes and to document their status for tax reporting purposes. Therefore, you would not need if you (the payer) are outside the United States.
@@patclark2932 Thanks Michael!
@@patclark2932 interesting. Pat, if I have a Delaware LLC single set up (single member) and receives commissions from international businesses for sales/placements do I need to send them a W9 form to be ok in the US? Or is it a W-8BEN I need to send them for US tax purposes? I've never heard of the W-8BEN.
do i turn this form into the IRS immediately after i hire my employee and they've filled this out? Or do i wait until i send in their 1099 at the end of the year?
if i have a ein for a sole proprietor cant i put my dba as the name and do taxes as my ein
Hi I have a question I have been doing cleaning work for a small office which I’ve been collecting payments through square , they just sent me a w9 to fill out but I don’t have a LLC what should I do ?
You will fill out the W9 as an individual using your social security number. You will receive a 1099 to be reported on your personal tax return.
@@patclark2932 Thankyou so much for your help one more thing what if I already did my taxes ? They kinda surprised me with the W9
What if I am a single-member LLC, can I use my EIN as I dont want to use my SS# as I want to keep my business and personal affairs separate
Audia Ellis yes use your EIN and business name
@@azprovident2968 Thank you so much!!! So just so i understand correctly, I can put my name on Line1, my business name on Line 2, check single-member LLC on Line 3 and then EIN in Part 1 and put N/A for the SS#?
Audia Ellis correct
@@azprovident2968 can i put my personal name line 1, dba name line 2 and use my ein instead of ssn? Would there be any issues w the ein being linked to my single member llc with me putting my d. B. A. Name on line 2? Thanks. I dont like my llc name and would like to change it at somepoint but already have a good d. B. A.
Hey Michael V.!
so I own an office leaning company. and one of my customers sent me a w-9. i filled it out and sent it back.
could you explain how does this affect my tax payments please? will i owe more tax now? so im giving up 28% for the self employment tax? this is where Im not clear.
If your customers asked you to fill out a W9 they will likely be issuing you a 1099. This is for the money that they paid you already, so you should already be claiming these funds on your tax returns. Since you are a vendor to them your cleaning company will pay all the self-employment taxes of 15.3% on top of your state and federal taxes. I hope this clears up your questions.
@@azprovident2968 so I'm paying the 15.3% on top of my state and federal? how much is State and federal PLUS the 15.3% total out too be about?
@@Chris-wk8nu Well that’s a complicated question in regards to the progressive tax system we use in the United States, so it depends on how much money you are making....That’s really a great question for your accountant who will be doing your taxes this year. But your tax brackets can be done with a simple Google search. In regards to your question on self-employment taxes, yes you will be paying state and federal taxes on top of the 15.3%.I hope you find this information helpful. You can always reach out to firm , would be happy to help if you need a tax professional
I started a 501c3 but what would I need the W9 for?
You for got to leave the links for the W9
Why did the bank give us one?
How many times did he say uh or um? Thats all i heard.
I just got a college job as a peer mentor I’m I considered independent contractor?
Karen Ronaldo are you receiving w2 wages or a 1099 from your employer? That would be the question I would ask your employer. If you are just paid by an individual for each peer, you are considered an independent contractor and you would be subject to the self employment taxes along w state and federal taxes. Let me know if you have any other questions.
AZ Provident they recently sent me a W-9 form to fill out. Thank you
@@karenronaldo8284 Then they are likely treating you as a contractor, this is so they can issue you a 1099 in Jan.
Do you know why my bank sent me a w9 from my checking account
Your bank would not send you a W9. They already have all that information. I it probably SPAM
Everything in this video is accurate, but what's not told by CPAs, Tax Attorneys, (probably because they don't know) and certainly not the IRS, is that the W9 and other federal information forms are ONLY for taxpayers. As a result paying entities think they have the obligation and right to withhold payments pending the receipt of a filled out form. There is a such thing as a legal Non-taxpayer, one who is NOT liable for the federal income tax.
"The revenue laws are a code or system in regulation of tax assessment and collection. They relate to taxpayers, and not to nontaxpayers. The latter are without their scope. No procedure is prescribed for nontaxpayers, and no attempt is made to annul any of their rights and remedies in due course of law. With them Congress does not assume to deal, and they are neither of the subject nor of the object of the revenue laws..." (Emphasis added) [Long v. Rassmussen]
🍺🍺🍺🍺🍺🍺🍺👍👍👍👍
Thank you