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Most governments around the world require its citizens to pay taxes to ensure they have money to run the country. Taxes are paid whether one is a self-employed or employed by a corporation; whatever business you operate, you are required by law to pay taxes. That is why the Internal Revenue Services (IRS) came up with the W9 forms. The W9, which is the official Request for Taxpayer Identification Number, is what is mainly used by the IRS in the United States of America.
As the name suggests, any individual employed, self-employed or doing freelance has at one point made contact with the 2016 W9 form. The 2016 W9 form will require you to fill out your name, address, federal tax classification and either your Social Security Number (SSN) or Employer Identification Number (EIN). The form is what you will present to your employer or to any entity that will pay your income during the year. However, the 2016 W9 form isn’t what is usually presented to the IRS. Instead, your information and the payment made to you is filled out on form 1099 that is then presented to the IRS. If you are employed, once you fill out the form, you can either give it to your supervisor or human resource department. In most cases, it’s stored in your file for reference check when the company is processing your paycheck.
Once can easily download the 2016 W9 form from the IRS website. The 2016 W9 form was revised last in 2014 by the Department of the Treasury Internal Revenue Service. The four page form will not require much from you. All the information that you are required to fill is on page one. Once you have made sure that everything is correct, you will then proceed to sign it before handing it in to whoever requested for it. You cannot present the W9 form to anyone if you don’t have the taxpayer identification number. The TIN, is what is used by the RS to identify you and any payments made to you. Each and every time you file your returns or claim treaty benefits, you will be required to key in your taxpayer identification number. In the event that you don’t have one, you can apply for one from the Social Security Administration (SSA) or the IRS itself. Even though the Social Security Administration can issue you with your Social Security Number, it’s important to note that any other type of taxpayer identification number van only be issued with the IRS.
There are different forms that will need to be filled for the different types of taxpayer identification number. If you choose to have an independent organization or individual file your returns, you’ll need to provide them with the right information on your 2016 W9 form. Additionally, you will need to ensure that your taxes are filed on time and correctly to avoid penalties. Remember, the IRS are not your friends. They are out to do their job by upholding the law and anyone found guilty of doing otherwise may face jail time. Each time you present your 2016 W9 form to any individual or entity, ensure that they are genuine and will be solely used for the intended purpose. If in any case your Social Security Number, that’s used to identify you on the IRS systems lands in the wrong hands, you may become a victim of identity theft. Don’t leave your filled out forms that contain your SSN lying around carelessly. Remember, always use very secure means to send your W9 form anywhere you need to.