Essential W-9 Practices for Compliance

Today's episode focuses on the significance of collecting W-9 forms from contractors and why it can save you time and avoid issues at year-end. We'll discuss the purpose of W-9s, how to effectively collect and manage them, and best practices for keeping your records organized. Ensuring you have up-to-date W-9s can streamline tax filing, prevent penalties, and protect your deductions during audits. Push play to tune in for actionable insights.

 

What You'll hear in this episode:

[00:45] The Importance of W-9 Forms

[01:50] Best Practices for Collecting W-9s

[05:45] Handling Resistance and Special Cases

[06:45] Maintaining and Updating Records

[08:30] Why It is Helpful to Get a W-9 from a Contractor who has an S-Corporation, Even Though They Do Not Get a 1099

 

If you like this episode, check out:

End-of-Year Financial Prep: Three Essential Steps for Business Owners

Hiring Contractors vs. Employees - Pros and Cons

Simple S Corp Salary Guide for Beginners

 

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Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.