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| *The Commerce Journal>>>Other Taxes |
What do I do after I file a W-9 (W9) Form? |
I just filed a W9 form and I want to know if when tax time comes around, if I have to file taxes or whatever you need to do. Do I just file this form and get my money and not worry about it again? Or do I have to do more things with the IRS once I file the W-9? I know what it is, I just don't know what happens. The purpose of the W-9 is to allow those to whom you provide a W-9 to properly report income. Having filed a W-9 has no direct impact on how you file your yearly tax return. It may mean that you will have income reported that would have otherwise not been reported. You must assume that any one you gave a W-9 to will report any income that you receive from them. you just have to wait...... The person you are working for will most likely give you a 1099-misc form showing what they paid you, and you'll use that to file your tax return. You need to keep good records of your income - even if you don't get a 1099, you'll need to file a tax return showing the income and any related deductible expenses. If you are working on a W9/1099, you should be filing quarterly estimated returns (1040ES) to pay the taxes on the income earned that quarter. If you don't, you'll have not only a huge tax bill at the end of the year, but most likely will also owe penalties for underwithholding. There won't be any "getting your money" at tax time, since there won't be money deducted from your checks, unless you overpay your quarterly taxes. You'll file a 1040 schedule C to show the income and expenses, a schedule SE to calculate your self-employment tax (social security and medicare payments), then the numbers from the bottom of each of the schedules will transfer to a 1040 to calculate your total tax. |
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