With your year-end IRS deadlines approaching on January 31, now is the time to get your filing squared away. One of the first steps to doing this is to be sure that you have the correct TINs on file for all of the contractors you have hired throughout the year.
TaxBandits is giving you some help with this…and it’s free! During the entire month of November, you can request your Form W9s for free when using TaxBandits!
What is Form W-9?
The Form W-9 is officially called the Request for Taxpayer Identification Number and Certification. There are many complex IRS tax forms, this is not one of them. It is pretty straightforward. This is not a form that is actually filed with the IRS.
Any business who works with another business or independent contractor, the two must exchange their TINs for tax purposes. The Form W-9 is a way to officially request this information, recipients of this form will simply complete it, sign it, and return it to the sender to keep on file.
Let’s be honest, this process is completely outdated. With TaxBandits you can request, receive, e-sign, and store the Form W-9 electronically! There’s no need to mail out paper Form W-9s anymore, or even worse, drag out your fax machine! TaxBandits has created a simpler and more efficient way to handle this process.
When should you request a Form W 9?
Let’s talk about the specifics of requesting the Form W-9. If you have hired a contractor and paid them $600 or more during the tax year, you must file a Form 1099-NEC with the IRS as well as providing the contractor with a recipient copy.
If you don’t have the independent contractor’s Taxpayer Identification Number (TIN) on file, then you will not be able to complete the Form 1099-NEC. To prevent this issue, the IRS created Form W-9. You should request this form from all independent contractors that you hire initially so that you will have this information come tax season.
How do you request W9s using TaxBandits?
Requesting a W-9 using TaxBandits is both quicker and easier. You don’t need to print any copies, or take any trips to the post office, and you certainly don’t need to wait while your Form W-9 is mailed back to you.
The TaxBandits process is done electronically, even when it comes to signing the W9. Your contractor will receive a link to complete their Form W-9 using TaxBandits. They can complete, e-sign, and return the W-9 to you in minutes! You can then access this information when it’s time to file a Form 1099 for this contractor!
It doesn’t get any simpler than that! Check out this video for a step-by-step guide to requesting your W-9’s through TaxBandits!