What is a W-9?
Form W-9 is a tax form used in the United States for tax purposes. It is used to request the taxpayer identification number (TIN) of an individual or business entity from whom a payment is being made. The Internal Revenue Service (IRS) uses the TIN to identify taxpayers and keep track of their tax obligations.
The Form W-9 is typically used by businesses that pay independent contractors, freelancers, or non-employees. The form requires the recipient to provide their name, address, and TIN, which can be either a social security number (SSN) or an employer identification number (EIN).
Businesses must obtain a completed Form W-9 from each person or entity they make payments to if the payments exceed a certain threshold. For example, if a business pays an independent contractor $600 or more in a year, they must obtain a completed Form W-9 from the contractor.
The information provided on Form W-9 is used by businesses to report payments made to the IRS on Form 1099. The IRS uses this information to match the payments reported on Form 1099 to the tax returns filed by the individuals or businesses that received the payments.
In summary, Form W-9 is a tax form used in the United States to request the TIN of an individual or business entity from whom a payment is being made. Businesses must obtain a completed Form W-9 from each person or entity they make payments to if the payments exceed a certain threshold. The information provided on Form W-9 is used by businesses to report payments to the IRS on Form 1099.
