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Essential W-9 Practices for Compliance
Manage episode 491106573 series 3420908
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.
795 episodes
Manage episode 491106573 series 3420908
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.
795 episodes
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