Who should submit it?
If you worked as an independent contractor, then be prepared to receive a notice about the need to fill out paper W9. Since your employer must mention the amounts paid to you in their own tax document 1099.
But do not rush to do it immediately. You should hesitate before filling out W-9, if the company asking you to do so is your employer, and you are supposed to be classified as an employee, not an independent contractor. The difference is substantial.
Fill it out for:
- Income paid to you.
- Real estate transactions.
- Mortgage interest you paid.
- Acquisition or abandonment of secured property.
- Cancellation of debt.
- Contributions you made to an IRA.
What is the best way to submit form W9?
The best option, of course – submitting a declaration personally. Otherwise, one option is to use the free online service to encrypt the completed W-9 form and send it by email to the requester. You can also use encrypted file sharing. This way you can use electronically sign.
Another option is to send it through a service such as FedEx, UPS or the postal service, although there is no guarantee that your copy will not be lost, stolen or tampered with during transportation.
No matter where you fill out the copy – you will make it for free, and pay your attention that there are no differences in regions, form for state New Jersey and form for New York are the same.
When you should submit it?
You should pay all your taxes after the tax year finished. Try to do it in January, don’t leave it on the final days. Blank forms are available, but this example is not editable after submitting, so be careful during the process. You can take into account the instruction line and pay your attention to all details.
W-9 forms are for independent contractors, such as freelancers. It’s important to fill out the form correctly – but only if you’re sure it’s the right form to submit and the request is legit. If you are just an employee – it’s not your obligation to fill this or any other form.