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Nj Form L 9 2018-2019

hey there the next few minutes I want to show you how to fill out an IRS form called the w9 kind of a strange sounding form but really this is a form that gets used for all kinds of different purposes and it`s probably going to come up at some point in the life of your real estate investing business sometimes you're going to have to fill this out on behalf of yourself and sometimes you're going to have to request that somebody else fill out this form for you and really the whole purpose of this form is pretty simple it's just so that one party can get the information they need from the other party in order to file a specific form with IRS so for example one of our property is being bought or sold and the closer needs to file a form called a 1099 s in order to get that information they could get it from this form if it's filled out and signed and dated by the appropriate party or for example if you as the seller on a seller finance deal you need to send out what's called a 1098 form to the borrower you could also get that information from this as well and those are just two examples there's a slew of other reasons why this form could be helpful but really I just want to show you how to fill this form out whether you're filling it out on behalf of yourself or whether you're filling it out on behalf of somebody else and you're trying to get their signature you would really just have to put all the information that you know right here in this form and right now I'm showing you the online version from the IRS website and keep in mind this form actually it changes and gets updated every so often you'll see right here at the top where it says revised December 2014 at some point in the future I guarantee this is going to be revised again so whenever you're filling this out just make sure you're working with the current copy because there are these little minor changes that happen every so often and really all you have to do is just enter in all the information you have about the person from whom this form is being requested so for example if this form was being requested from me I would just go ahead and put my information in here like this and depending on whether you're filling this out on behalf of yourself or on behalf of a business entity that's when you would fill in this second line here so for example if I was filling this out on behalf of my business entity I would just put my company name in here and then when you look at this second line right here in my case I have what's called a single-member LLC which in this form the IRS essentially treats the same as like a sole proprietorship if you're just operating on behalf of yourself so I would check this box right here and then once that's done I would go over here none of this stuff applies to me somebody's leave that blank and I would put in my business address here and if I'm filling this out on behalf of somebody else and I would either leave this part blank or this section would already be filled out and then down here you have to enter in your tax ID number or your social security number in my case I was actually a little confused by this at first I am filling this out on behalf of my single-member LLC however according to the instructions on page three of this form which is right now here because I am a single-member LLC and it's considered a disregarded entity I'm technically exposed to fill in my social security number not my employer identification number even if I have one and again that's according to what it says right down here or it says do not enter the discredit entity ein so just keep that in mind if you are doing this on behalf of your company but that company is a single-member LLC acting as a disregarded entity in that case you're not going to fill out this you're going to fill out this and keep in mind I'm not a CPA I'm not really an expert in this stuff I'm just kind of going about what the instructions say so if you have any questions about this be sure to run it by your CPA and/or just verify that your information is put in there correctly don't take this as financial tax advice or anything like that I'm just telling you how I fill out my forms and then once that's complete I would just print it out and go down here and I would sign it and date it and then send it back to the person who was requesting it from me now alternatively if I was trying to get this form completed by somebody else because I needed their information in order to complete some forms on my end then I could either send them just a blank copy of this and say good luck and have them figure it out and some people will be able to do that some people won't just because it's an IRS form and it's confusing by its very nature so if you wanted to be nice and if you had some other information already you could go ahead and fill out some of that for them and for example you could just go like this if I was trying to get it from a guy named John Smith I would put his name in here and I'm just this on behalf of himself personally so I leave this section blank and I would check that box and then down here out just put his address and then I would just kind of leave this blank or I would fill it in later and then at this point if I had his social security number for some reason I would fill it in but usually the whole reason I'm even asking for this form to get filled out is because I don't have this social security number so when it comes to this section I would basically just leave it blank but when I print it out and scan it and send it to them I'm going to want to indicate it really clearly on here that they need to fill this out before they sign it data and send it back to me so usually what I would do is I would print it out and like highlight it or draw a big circle on it or put an arrow on it with some kind of a sticky note if I was sending them a hard copy just make it very clear and obvious that hey fill this out before you send it back to me and then I would just send it to them and I'd probably indicate as well here just to make it obvious hey sign this section and date this section and that's really all you have to do and then once you have this completed form with all the numbers and information and signatures and dates then at that point you will have what you need in order to complete your 1099 or 1098 or any other document that you may need in the course of your business so that's really all there is to it that's what a w9 is and that's how you get it filled out it's pretty straightforward document but if you're not accustomed to working with this it can obviously be confusing can always feel free to read the rest of the directions here it's a very interesting reading as you can tell but I'll just sort of leave that up to you and I'm going to have a link to this form right beneath this video so if you need to get to that you should be able to access that online and keep in mind if you don't have this information that's ok too you can just as well leave all this stuff blank but if you're going to do that just make it very clear to them what they need to fill out like you could highlight the empty fields or put arrows next to them just so they understand what they're supposed to do is the average person probably is not going to understand it so that's all there is to it and that's all I got to do