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Essential W-9 Practices for Compliance

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Manage episode 491106573 series 3420908
Content provided by Shannon Weinstein. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Shannon Weinstein or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://staging.podcastplayer.com/legal.

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

Want to learn more so you can earn more?

Visit keepwhatyouearn.com to dive deeper on our episodes

Visit keepwhatyouearncfo.com to work with Shannon and her team

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

Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/

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.

  continue reading

795 episodes

Artwork
iconShare
 
Manage episode 491106573 series 3420908
Content provided by Shannon Weinstein. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Shannon Weinstein or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://staging.podcastplayer.com/legal.

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

Want to learn more so you can earn more?

Visit keepwhatyouearn.com to dive deeper on our episodes

Visit keepwhatyouearncfo.com to work with Shannon and her team

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

Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/

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.

  continue reading

795 episodes

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