Collaborate on Format for Billing Client for Nonprofit with Ease Using airSlate SignNow

Format for billing client for Nonprofit

hello my name is katie sanouris with cnrs wealth management and in this video we're going to talk about how to fill out form w-9 let's get going [Music] first if you received a form w9 to fill out then use that paper form if you would like to go to the irs website google and search for w9 you will see irs.gov website and form w9 if you click on it you will be able to see form w9 which says request for taxpayer identification number and certification the poor is only one page long the rest of the pages are instructions it is fillable pdf you can fill it out and save it to your computer let's get to the four if you are sole proprietor small business owner independent contractor freelancer really often you will get a form w-9 from a company or in digital that you're doing the work for they use this form to collect your personal information and your ein number later they use that w9 form and information in it to fill out form 1099 which will be sent to you to the address you include in this form so later during the tax time you will use that 1099 form to prepare your income tax return i would like to go through couple options first one will be sole proprietor second will be single member llc and third one will be an s corporation first of all very important note that i have to point out you have to give this form after you fill it out to the person or company that requested this form you can get this form from your financial institution if you're receiving some interest income or dividends so you have to fill this form out and return it back to them do not send this form to the irs this is very common mistake first scenario if you are sole proprietor you report your income on schedule c on your personal income tax return put your name as shown on your income tax return do not leave this line blank on the second line if you have a business name or a different name from the name on the line one you have to include it in the box too third one you have to check just one box for federal tax classification since you're a sole proprietor you put check mark in the first box that's it you don't have to do anything else box number four ask you for exemptions those codes apply only to certain entities or not for individuals so you don't have to worry about the box four box five you have to include your address your mailing address where later a person or entity who's requesting this form will send you that 1099 form number seven ask you for listing of account numbers which are optional sometimes companies that hire freelancers contractors they have different vendor accounts numbers if they provide you with this number you'll include it in here other otherwise you can just leave it blank the requester's name and address are optional sometimes you may receive w9 form with this information already filled out part one your taxpayer id number since your sole proprietor you're not incorporated that will be your social security number you would include in here part two is certification questions please read them carefully you will have to sign and date the form and this is it for the sole proprietor option next if you're single member llc single member llc is your sole proprietor but you registered as limited liability company but since you're a single member you're a disregarded entity it means that you do not file a separate tax return for your business your file and pay taxes based on your 1040 form it's a pass-through income if you're a single member llc you put your personal name in line one if you have business name for your disregarded entity you put your name in a box too check the box for appropriate federal tax classification do not check this box here limit liability company do not do that if you're a single member llc next is all the same your address if you have account numbers requester name and address very important part if your single member llc disregarded entity you will put your social security number in here do not put ein number for your disregarded entity your social security number again sign date and return back to the person who requested this information if you're an llc but with two members then you will be treated as partnership in this situation you will check the box here and put letter p in here instead of social security number your include your ein number in the box below if you are made an election for your limited liability company to be treated as s or c corporation you just have to put appropriate letter in the box here this is it if you have any questions you can always refer to very detailed and extensive information in the instructions when at the time you're filling out the form you will have questions regarding okay it should be ein number or social security number refer to page four where you can see in part one taxpayer identification number it will tell you if you're a sole proprietor and you have an ai and you may enter either one but if your single member llc like i said earlier that is disregarded entity you have to put the owner social security number do not enter the disregarded entities ein but if your llc is classified as a corporation or a partnership you enter entities ein number if you get confused check page four it will give you all information and detail and thank you for watching bye [Music] you