If you’re working as a freelancer or a contractor, the companies you’ve worked for may have requested a W-9 Form to get your Taxpayer Identification Number so that they can file their 1099-MISC for properly and report payments they made you at the end of each tax year.
Not providing this form to any business or corporation that you’ve worked for will bring you penalties. For the year 2020, the penalty for not providing the W-9 Form with correct information is $50 per each instance.
Filing the Form W-9
Download the IRS issued W-9 Form and enter the necessary information to the boxes before submitting it to the requester.
You will need to fill out the form with the following personal/business information.
- Your full name
- Your business name
- Your business type; Individual/Sole Proprietor or Single-member LLC, C Corporation, S Corporation, Partnership, Trust/Estate, Limited Liability Company.
- City, State, and ZIP Code
- List account numbers if you want to provide them as well but optional.
Taxpayer Identification Number
On Part 1 of the form on the first page, enter your Social Security Number or your Employer Identification Number. After filling out the necessary boxes, sign the bottom of Part 2 and write down the date of the day you’ve signed it.