This is a brief excerpt from Ron Dawson’s DareDreamerMag
It’s that time of the year again in the U.S. where employers and companies need to file tax forms for their employees and contractors. January 31 is the deadline for you to send your labor force any relevant tax forms they need to complete their taxes. But it can get so dang confusing about who gets what, when, where and why? I’m no tax expert, but I’ve been doing this long enough to know just enough to make me dangerous. It’s always best to consult your tax advisor, but I’m 98.9656932% this information is correct.
W9s
Whenever you hire a contractor or employee for the first time, make them fill out a W9 and send to you. Keep this information for your records as it has their tax ID number and filing status. Regardless of their company filing status (i.e. corporation, LLC, partnership, or sole proprietor), you need to get a W9 from them. Likewise, when you are hired by a company or individual who plans to write off their payment to you as an expense, make sure you give them a current W9.
I do not think personal event clients (like wedding or …
By: Ron Dawson
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