W9formprintable.com – Becoming a gig worker requires not only a specific skill but also a time to manage taxes. This includes receiving and issuing tax forms such as W9 form printable file. Unlike the W-4 that is used to track full-time workers’ income, W-9 is used specifically for freelancers.
That’s why in this article, we will present everything you require to know about this form. Whether you are a gig worker or the one that does business with them, you definitely need to know about this IRS tax form.
What is W9 Form?
A W9 form printable file is basically a tool used by the IRS to track contract workers’ incomes. It will later be used to sum the taxes owed by self-employed individuals in a year.
Like other IRS forms, the W9 also has a threshold. Contract workers will only receive it once they get a payment worth $600 or more. Otherwise, they will not receive this form at all.
Who Should Issue W9 Form?
Those that are responsible for filling out this form are the contract workers, freelancers, or small businesses that receive the payment. They need to fill it out and give it to the company that pays them.
If they don’t do it, a tax withholding would be applied (24% total payment). Meaning, the freelancers or contract workers’ income would be reduced to pay the taxes that they owe. However, they don’t need to send it to the IRS.
Say you are an entrepreneur running an apparel business. You need to employ a freelancer to complete a project worth $650. As the freelancer is not your employee, you don’t need to withhold their income tax or pay for it. However, you need to ask them to provide a W9 form and report it during the tax year.
W9 Form Printable
Unlike 1099 tax forms, the W9 doesn’t need to be ordered. This form can be downloaded directly and freely from the IRS website (Pdf).
Other websites also provide this form and some of them can be filled out online. These services are quite helpful, but you still need to be careful when writing the correct information.
However, if you are a freelancer, the company you work for will usually provide it for you. Along with that, they also have to give the needed information to fill out the form.
Explaining W9 Form Printable File
The information in W9 form will be used to prepare other tax forms such as 1099 NEC, 1099 DIV, and others. That’s why it’s important to complete the form with the correct information. A failure to do that will result in a penalty or other problems with the IRS.
Here’s a guide to understand what information you should fill out in the W9.
- Name: Fill with the name shown on the tax return if you work as gig worker
- Business name: Fill the business name with your company name if the project is done by a company
- FTC: Select the correct Federal Tax Classification such as corporation, partnership, or individual
- Exemptions: Only apply to businesses. You need to type the letter code representing the exemption
- Address and Zip Code: Enter your address accurately
- Account number: Type your bank or brokerage account if you sense the need to inform the company that pays you
- TIN: Type the correct TIN or Taxpayer Identification number
- Certification: Sign the form to declare that the information you provide is correct
W9 Form PDF
The W9 form printable version is usually available in the PDF format. You can print it and complete it according to the above explanation.
Again, you need to fill out the form with correct information. Otherwise, there are some penalties that may be given to you:
- $50 penalty for failure to furnish TIN
- Civil penalty for making false statements
- Criminal penalty for falsifying information
- Civil and criminal penalty for misuse of Taxpayer Identification Number
W9 Form 2023
As it is important to complete the form correctly, you need to stay updated with the newest IRS instructions. To do that, you can open the IRS page.
There is a section that you should pay attention to, called Current Revision. Below the title, there are a link that you can click: Instructions for the Requester of Form W-9. You can use the explanation on that page to fill out this form correctly.
W9 form printable, at the end of the day, is a tool used by IRS to track gig workers and small business income. This form should be completed with correct information to avoid trouble in the future.