Aren't these only necessary for anything above $600? Doing a party for a company this Saturday and along with the check comes a W-9 form. It asks for my social security number. I am not a fan of giving that out. WWYD?
W-9 form...WWYD?
- Thread starter mikemerlin
- Start date
Erm dude, yer in business, are you not...?
If you want, I could look it up and give it to them...
You are lucky you got the check before they got your info. It is nothing to worry about (Unless you are not reporting your DJ income) if you are doing the DJ thing as a legitimate business. That company will send a copy of that W-9 to the IRS as a payment made to you for services rendered. If you do not give them the info there is no telling what their accounting department will do. More than likely you will never get another gig from that company.
Apply for an EIN through the IRS. It's free and takes about 20 minutes. Just don't loose the paper you print off with the EIN.
My wife has one for babysitting and doing cleaning jobs.
You can use it for just about anything.
My wife has one for babysitting and doing cleaning jobs.
You can use it for just about anything.
I've gotten W9s for two hundred dollar bubble parties. It's all part of working with other legit businesses.
Ditto... not only do I have an EIN, then I got a d.b.a. and then for less than $90 and another 10 minutes I converted from Sole Propieter to LLC Which makes it super easy to open a business account and thereby keeping personal finace and business finace completely separate.
FYI, the rules on when you need an EIN (from the IRS website):
Do you have employees?
Do you operate your business as a corporation or a partnership?
Do you file any of these tax returns: Employment, Excise, or Alcohol, Tobacco and Firearms?
Do you withhold taxes on income, other than wages, paid to a non-resident alien?
Do you have a Keogh plan?
Are you involved with any of the following types of organizations?
Trusts, except certain grantor-owned revocable trusts, IRAs, Exempt Organization Business Income Tax Returns
Estates
Real estate mortgage investment conduits
Non-profit organizations
Farmers' cooperatives
Plan administrators
If you don't require an EIN, I wouldn't voluntarily put myself on their radar. Once you've gone thru a business tax audit, you'll understand.
Do you have employees?
Do you operate your business as a corporation or a partnership?
Do you file any of these tax returns: Employment, Excise, or Alcohol, Tobacco and Firearms?
Do you withhold taxes on income, other than wages, paid to a non-resident alien?
Do you have a Keogh plan?
Are you involved with any of the following types of organizations?
Trusts, except certain grantor-owned revocable trusts, IRAs, Exempt Organization Business Income Tax Returns
Estates
Real estate mortgage investment conduits
Non-profit organizations
Farmers' cooperatives
Plan administrators
If you don't require an EIN, I wouldn't voluntarily put myself on their radar. Once you've gone thru a business tax audit, you'll understand.
I'm running a legit business. Being on the radar does not scare me. Also keep track of all your finances and receipts. Have them ready in case of an audit. If you have everything ready when requested an audit goes so much quicker. Those IRS auditors hate doing their job but it's a job and someone has to do it. The easier you make their job the quicker they get out of your hair.
Besides, I would rather be on the radar instead of fighting for my identity.
It is not Mandatory to have an EIN because your Taxpayer ID can suffice, in other words your SSN.
If you want more business from them in the future, you'll fill out that form and send it back in. There are a lot of companies who repeatedly hire the same vendors because they're already "in the system"; hiring someone else sometimes means a mountain of paperwork with the accounting department.
The last thing the person who hired you wants to do is ask you for that form twice. If they do, it's because somebody else is asking THEM what happened to it.
The last thing the person who hired you wants to do is ask you for that form twice. If they do, it's because somebody else is asking THEM what happened to it.
If you don't or won't respond in a legitimate manner, you are suggesting to them that you are a tax cheat and, since they are apparently operating legitimately, they would be behaving irresponsibly.
BTW, EIN discussion aside, the above is correct. All they want to do is 1099 you, like they're suppose to do. You don't need an EIN but you DO need to pay taxes on the income.
The rule states $600 or more ,asks for my SS# and I have never received one of these before which is why I asked. No need to get your panties in a bunch
G
Guest
Guest
Mike,
What the chaps are telling you is that the company may now view you as a vendor and another check/gig will add up to more than $600.00 paid to you. The figure will add up. Just give them the info and be done with it. If you are not reporting the DJ income to the IRS then get cash payments and stay away from corporations.
BTW, when you declare your DJ earnings to the IRS its easier for you to get a bank loan or credit from a Sound Company to buy equipment.
Also, because of the new stipulations coming into play (depending on whether the law gets repealed) -- every business will have to start 1099'ing everyone else over $600 per year...
Many businesses are already gearing up for it, even though we're hoping at least that part of the law gets bounced...
Many businesses are already gearing up for it, even though we're hoping at least that part of the law gets bounced...
