What Is a W9 Form? – Covering the Basics
Starting a new job always implies filling out lots of papers, that’s a fact. However, when you’re a freelancer, income taxes are reported in a slightly different manner, meaning that now it’s your sole duty. As a self-employed individual, you will have to independently stay informed about the tax regulations, comply with the IRS deadlines, keep your financial obligations on track, and, therefore, report your income perfectly on time.
In addition to this, business entities that order your services have to report that income, as well. That’s where the simple and straightforward single-page W-9 form comes into play. The purpose of form W-9 is very clear: it serves to provide your US tax ID (also referred to as Taxpayer Identification Number) to an individual, a bank, or any other financial entity, granting them the possibility to report specific details about you, e.g., money you’ve earned from them, certain real estate payment data, interest, and the like.
What Is the Purpose of Form W-9? – Laying It All Out
Form W-9 is used for providing certain entities (not the Internal Revenue Service) with the data they require. Typically, you send the form to these institutions so that they can reply with Form 1099, which you will then send to the IRS if a company paid you over $600 within a year.
Because you’re not submitting the W-9 form to the IRS, always be cautious as to the recipient that’s going to access your sensitive data. Below, you will find out what else you need to watch out for when sorting out the form. Don’t forget that here you can download form W9 for free, as well as access a multitude of other fillable PDF blank files to print or fill out online.
When Are You Required to Complete Form W-9?
You might have to complete this form if:
You’re self-employed and intend to receive over $600 from one individual or company within the current tax year.
Someone you owe money decides to forgive your debt. In this case, you have to send them form W-9 to get the procedure going.
You register with a new bank, and they need you to provide the W-9 form.
You deposit money into a bank account or invest in another financial entity, and they require you to provide the W-9 form.
Avoid Sending Someone a W-9 if:
they’re not a customer;
they’re not from your bank;
they’re not from any entity your financial affairs are related to.
The thing is, sending your personal data (such as your Social Security Number) to someone unknown and, therefore, unreliable is risky. Scammers may send you W-9s to trick you into revealing your SSN. Therefore, if you’re on the fence about whether you should fill out a W-9 someone has sent you or not, ask them which tax forms they intend to return to you once you complete it. Do they refuse to give you that information? Discuss it with a tax specialist first. Better safe than sorry.
What if Your Boss Sends You a W-9?
It’s vital to note that your boss shouldn’t make you complete this document, either. The proper doc to send to your boss is W-4. If you’re starting an office nine-to-five job and your boss wants you to provide a W-9 in lieu of a W-4, that might mean they’re officially treating you as a freelancer rather than a full-time worker. Make sure you’re aware of that when starting a new job.
How to Fill Out a W-9 Form? – Easy Steps to Follow
Form W-9 consists of one page only. In addition to this, it also features a 5-page instruction manual. Feel free to download the W-9 form from the IRS site or fill it out here, with PDFLiner.
To sort out the document, just follow these easy steps:
type your name;
if you work under a different name, type that name as well;
indicate the type of business you own;
type your full address and phone number(s);
indicate the date;
provide your signature.
How Should I Submit Form W-9?
Submitting the form is a cakewalk. Just send the completed file to the individual or business/financial entity that requests it. In the majority of cases, they will save the filled out form in their records until they need it during their annual tax record processing.
Related W-9 Tax Documents
Fillable W-2
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IRS Form W-9 Resources
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What is form 1040?
IRS 1040 form is a necessary document that must be filled by all US citizens to declare their income for the year. Although there is a standard form template, its variations can be changed according to the groups of taxpayers it was designed for.
What I need form 1040 for?
There are three main reasons why you need to fill the form:
To set the tax amount for each citizen. This number depends on the level of income;
Check if a person needs to receive a tax refund;
Thanks to the completed form, the state gets information on whether the taxpayer should pay money.
Filling out form 1040
The form 1040 has about 79 lines, which you need to fill. In general, it divides into two main sections:
The part with the personal information. Here you need to specify your family status, First name, Last name, home address, and so on. Also, please note, if you have a joint return with your spouse, you need to get his or her name too;
The second part is much harder and requires more attention from you. Here you need to write down the dependents if you have such and fill out the fields related to your income.
Do not forget to put the sign on the bottom of the document.
Organizations that work with form 1040
IRS
Related Form 1040 Tax Documents
Fillable W-2
Fillable 941
Fillable 1040 nr
Fillable 1040 schedule c
IRS Form 1040 Resources
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What Is 1040 ES? — Brief Outline
Form 1040-ES is targeted at freelancers, as well as individuals who work independently within their own businesses for determining and paying estimated due date taxes for the ongoing financial year. In this case, you don’t have a boss who withholds and sends taxes to the Internal Revenue Service for you, so it’s your sole responsibility.
Form 1040-ES vs. Form 1040: Assessing the Nuances
If you’re wondering about the distinction between Form 1040 and the IRS 1040ES form, you should know that the two docs don’t exclude one another. While form 1040 is aimed at reporting your yearly income tax, form 1040-ES is utilized for reporting your profit on a quarterly basis. Thus, the two forms work side by side, just like carrot cake and cream cheese icing.
By breaking your yearly income tax into quarterly installments, the government focuses on the amount of quarterly income tax you’ve paid throughout the year. That allows you to effectively keep tabs on this stuff as well. Below, we will briefly guide you through the notion of estimated taxes, and then cover the process of completing form 1040-ES.
Estimated Tax Payouts Explained
There are categories of taxpayers whose profit is not formed so that tax payouts are withheld at the source. Independently operating entrepreneurs, freelance workers, for instance, do not have tax withheld from their received payments. Income from rent payments, various retirement programs, stock sales, dividends, and similar forms of income are also not taxed at the source. If your earnings come within the above-mentioned or similar situations, then sorting out the estimated tax is among your obligations.
The estimated tax payment includes a calculation of your earnings for the ongoing year. Keep in mind that if you underestimate this payment, it will lead to an underpayment, which, in its turn, will leave you with a penalty. To avert any penalties of this kind, report your current year’s earnings based on your previous year’s taxes.
If you pay 100% of the previous year’s tax, you won’t end up having to pay the penalty. If you overpay, you’re free to apply for a tax refund at the end of the year. Last but not least here: always pay your quarterly tax on time, otherwise you’re going to face more penalties.
Details on Filing the 1040-ES Form
Form 1040 ES consists of several sections: instructions, self-employment tax and withholding table, tax rate schedules, estimated tax table, record of estimated tax payouts, as well as Form 1040 ES payment voucher. Wondering how to file 1040 ES form? The procedure is not too difficult. Just indicate your personal information and the amount of the quarterly earnings.
In any case, if you’re having difficulties sorting out the above-covered tax form, you can always ask your bookkeeper to assist you in completing all the necessary docs and providing you with experience-based tax recommendations. With some sound advice and proper instructions, you will complete the form without a single mistake. Don’t fret. You’re not alone in this tax’mare.
Estimated Tax Forms: Find, Fill in, and Edit Online
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So choose the most suitable subscription plan for your needs and start making the most of all the perks PDFliner comes with today. Our services are about a lot more than finding and filing the 1040 ES form. PDFliner saves your time and boosts your business like no other online PDF editor does. Ready to go paperless today? Your free trial is just a few clicks away. Contact us if you have any questions.
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https://www.irs.gov/pub/irs-pdf/f1040es.pdf
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What is form 1095-A?
Form 1095-A is the form for declaring the cost of health insurance and federal subsidy you receive. This subsidy or Premium Tax Credit (PTC) is necessary to make the cost of healthcare cheaper.
What I need form 1095-A for?
To provide the government with information about federal subsidy and health insurance;
If you bought a plan on the health marketplace, the healthcare coverage would be cheaper for you;
Note that PTC is paid by the government in advance each month, therefore be sure to fill the form on time.
Filling out form 1095-A
The form has three sections:
In the first section, you need to provide your personal information, such as Marketplace identifier, name, the name of your spouse, address, policy start date, and so on;
The second section is dedicated to covered individuals. Write down the covered individual’s name, their SSN, date of birth, coverage start and termination dates;
In the third part, there’s more information on coverage. Here you need to fill the following information for each month: enrollment premium, second lowest-cost silver plan premium or the advance payment of premium tax credit.
Organizations that work with form 1095-A
Health insurance providers.
Related Form 1095-A Tax Documents
Fillable 1095-B
Fillable 941
Fillable 1040
Fillable 1040 schedule c
IRS Form 1095-A Resources
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What is a W-2 form?
The W-2 form (also known as Wage and Tax Statement) is used to provide the correct sum paid to the employee and the taxes paid on their incomes per year. Although the W-2 form is completed only by the employer, it is sent out to employees to inform them about the taxes and spendings.
What I need the W-2 for?
Wage and Tax Statement form must be obligatorily completed by every employer. If form W-2 is completed by the employer, other forms are not accompanied. But when an employee receives a W-2 form for considering the tax return must be attached to the copy of the form. Form W-2 (Wage and Tax Statement) must be sent to the employee, Internal Revenue Service, and State Government.
Filling out the W-2
To complete the form, you have to provide the following information:
Employee’s SSN;
Employer’s EIN, name, address, and zip code;
Company’s name, street address, and contact information;
Employee’s full name, contact information;
Information about wages and tips,
Taxes information.
Organizations that work with W-2
Internal Revenue Service;
Employee;
State Government.
Related W-2 Tax Documents
Fillable W-9
Fillable 1099 misc
Fillable 8962
Fillable 1040
IRS Form W-2 Resources
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Instructions for the Requester of Form W-2
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The W-4 form, formally known as Employee's Withholding Allowance Certificate, is an IRS document you fill out in order to inform your new employer of the amount of money to withhold from your pay for federal income taxes.
What You Need IRS Form W-4 For
The W-4 form is crucial for businesses with employees because the document assists them in taking the right amount of taxes from their employers’ paycheck. The form must be submitted on a yearly basis, or whenever your current personal/financial state of affairs changes significantly.
Here’s why completing the IRS Form W-4 regularly and accurately is crucial:
The IRS demands us to pay taxes on our income in a gradual manner during the year; if you don’t withhold enough tax, the amount of money you could owe to the IRS in April may be way too hefty;
On the other hand, completing the IRS Form W-4 in a correct way will save you from overpaying your taxes and i.e. prevent excessive tightening of your monthly budget.
How to Fill out IRS Form W-4
Make sure you take your time and complete the form with maximum concentration in mind. The W4 form is relatively simple to complete without any assistance. In case you feel you need help, you can always ask your bookkeeper to do that with you.
Follow these guidelines that will lead you through the procedure:
Provide your name and contact details;
Specify your Social Security Number;
Indicate your marital status;
Specify recent name changes (if there were any);
Answer a few questions to fill out the Allowances section.
Organizations That Work with IRS Form W-4
Internal Revenue Service (IRS)
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What is the 1099-MISC Form?
All 1099 form series provide the IRS all the necessary information about the taxpayer. Specifically, the 1099-MISC form is about earning details of all the funds you pay for work.
What I need 1099-MISC Form for?
You need to fill the 1099-MISC Form in the following cases:
To provide IRS the information about your business incomes and losses;
Note that these incomes and losses are related to your business course only (not individual expenses).
Moreover, the form is often considered as the supporting document for other forms.
Filling out 1099-MISC Form
The form has three copies: A, B, and C. The first one appears in red and is provided for informational purposes only. You do not need to print or download it. Copy B and others appear in black and is the one you’ll have to print and fill in. Below, there is more detailed information about the form:
Copy A: for Internal Revenue Center and State Tax Department (contains general personal information);
Copy B: for Recipient (the same fields as in the previous section);
Copy C: for Payer (the same fields as in the previous section).
Organizations that work with 1099-MISC Form
IRS;
State Tax Department.
Related Form 1099-MISC Tax Documents
Fillable W-2
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IRS Form 1099-MISC Resources
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What Is Form 1040-NR: The Outline
Are you looking for comprehensive details on the IRS Form 1040-NR? This article will help you out for sure! Form 1040-NR is a variation of the standard income tax Form 1040 that lets you file your income tax return to the IRS if you are a nonresident alien in the United States, and you receive income from business operations within the country. You also have to file the form if you represent a deceased person who has been obliged to file 1040-NR or a trust/estate that has to file the form but can’t do it for a valid excuse.
This year, you should consider the changes and remember that the gross income limitation has increased for a child or stepchild of a qualifying widow(er), a relative who qualifies for the tax credit of a child, and for entities who pay student loan interest deductions. The limit is now $4,200 instead of $4,150. Other changes include the AMT exemption amount increase, qualified disability trust exemption increase, and more.
For detailed information on the Form 1040-NR improvements, visit the official website of the IRS. For more details on filling out, read below. You can also use our website to download Form 1040-NR fillable PDF to print it or fill and file the entire form online. Now, let’s figure out how to do it correctly. Click the link if you want to know the 1040NR vs 1040 NR EZ difference first.
How to Fill Out Form 1040-NR
The form includes 5 pages and one schedule. First of all, you should gather all the needed documents to get valid information from them. You need IRS forms W-2 and 1099 along with your personal information, such as your real name, actual address, Social Security Number (SSN), etc. Nonresidents may also be required to fill forms 8833, 8840, 8843, 8938, or one of them. Next, decide what filing status matches your current situation. You are allowed to apply for one or several statuses if needed, but it’s recommended to concentrate on one of them to cut tax liability.
There’s also a separate section for exemptions and one more for dependents’ information. You have to fill them if you have any. The rest of the sections are provided to collect all the needed information related to different types of income and necessary refunds. Be attentive to the captions for each box to avoid mistakes. Filling out the form, you should:
Be focused on the paper;
Read the entire form before filling it;
Double-check all the figures you enter;
Validate the form with your signature when it’s complete;
Hire a tax expert if the process seems too difficult.
In the Tax and Credits section, copy line 36 and paste line 37. In the credits section, fill lines 48-53 or leave them blank if you don’t qualify. Add the totals to finish. In Other Taxes, fill the lines and 54-61 and add lines 53 and 60 to get your total tax amount. If you see that line 71 is a larger figure than line 61, you have to subtract one from another to get the amount you overpaid. Leave line 75 blank if they are equal, and you don’t have any refund due.
When is The Form Due?
When the form is complete, you have to file it to the IRS by mail or file online via e-mail. We recommend you to use the second option to deliver the form to the IRS faster and avoid accidental mail loss. As for the deadline, it is different from the original form 1040. Nonresident aliens who earn profits within the US during the financial year have to file 1040-NR on the 15th day of the 4th month after the main tax year last day. You have to check the due date for 2020 on the IRS website as they may change it because of the pandemic.
IRS Form 1040-NR Resources
https://www.irs.gov/forms-pubs/about-form-1040-nr
https://www.irs.gov/pub/irs-pdf/i1040nr.pdf
What is form IRS 1099 INT?
IRS 1099 INT is the form that needs to be filled by banks or other financial institutions to report interest income as well as the penalties on the investments.
What I need IRS 1099 INT for?
You need to fill this form if your account has the interest more than $10 that you should pay during the financial year;
The interests include: certificate of deposits, treasury bonds, interest-yielding accounts, saving accounts, and money market accounts;
If you submit the form, you will not be required to pay any taxes on the interest, but you will need to mention it in your return.
Filling out IRS 1099 INT
The form consists of three copies:
Copy A intended for Internal Revenue Service Center;
Copy B is for Recipient;
Copy C is for Payer.
On the left of the document, you need to specify the personal information: payer’s and recipient’s names, payer’s and recipient’s tins, home addresses, and account numbers. On the right side, fill the income interest, penalties, taxes, the information about obligations and expenses. Be very attentive while filling the form, pay special attention to the organization the form will be addressed to.
Organizations that work with IRS 1099 INT
Banks;
Financial institutions.
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IRS Form 1099 INT Resources
https://www.irs.gov/pub/irs-pdf/f1099int.pdf
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What is Form W-7?
The Form W-7 is needed if a person wants to apply for an individual tax ID or ITIN. The form can also be used by non-residents who are not allowed to have a Social Security number but are required to complete a federal tax return with the IRS in order to receive income from US sources.
What I need the Form W-7 for?
Form W-7 or Application for Individual IRS Tax Identification Number is a form of the application that is required for individuals who need a tax identification number. The form works for both residents and non-residents of the US. To apply for an individual tax ID, the applicant must provide documents that prove their identity.
Filling out Form W-7
Form W-7 requests the following information:
The reason why the applicant submits the form;
Name, mailing address and, if different, foreign address of the applicant;
Applicant's date of birth and place of birth;
The country of permanent residence;
Applicant's foreign tax identification number;
US Applicant Visa Number (if applicable);
Information about the documents submitted to verify the identity of the applicant.
Organizations that work with Form W-7
IRS
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