Barry M 73 Report post Posted January 12, 2007 I did a small car lot today for the first time. The sales manager gave me a W-9 form to fill out so I can get paid. I'm not sure why I have to fill this out, I never had to for any other account. At the top of the form it says 'Request for Taxpayer Identification Number and Certification.' I'm a sole prop. so my tax number is my SS number, I'm always leary about putting my SS on something I don't understand. Maybe it's no big deal but I just want to know. What's the purpose of this form and should I be filling it out? Thanks in advance. P.S. Don't tell me to ask my accountant either. Let's just say I'm in betw accountants right now. Share this post Link to post Share on other sites
Celeste 341 Report post Posted January 12, 2007 Anyone who receives annual payment in excess of $600 can be W9'd. They will be reporting this payment to the IRS - at the beginning of next year, you should receive a 1099 from them to use in filing your taxes. This form indicates that you are not an employee of theirs and aren't subject to any withholding. Many companies will not pay without one on file! Celeste Share this post Link to post Share on other sites
Doug Dahlke 114 Report post Posted January 12, 2007 I've already filled out several W-9's. Same as you I am a sole prop so my SS# is my tax ID. My understanding is this is a record for the people paying you of where their money went. If they get audited and the IRS guy wants verification of who received the $5,000 they paid for pressure washing last year here is the record. It also exists as a record of what people who had you fill out the forms paid to you. If you recieved $50,000 in income through sources with your W-9 on file and you report you earned $40,000 don't be surprised if the IRS knocks on your door. Share this post Link to post Share on other sites
HotShot 34 Report post Posted January 12, 2007 P.S. Don't tell me to ask my accountant either. Let's just say I'm in betw accountants right now. HAHAHAHHA...funny man :D I have filled out quite a few, you're safe. Bout everything you need to know Celeste and Doug said...all I can say is "ask your accountant" hahahahha Share this post Link to post Share on other sites
Barry M 73 Report post Posted January 12, 2007 Good enough, it all makes sense now. You guys are great, thanks a bunch. Share this post Link to post Share on other sites
