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W-9 Form??

Discussion in 'Business Fundamentals' started by NorthernILPlwr, Dec 31, 2006.

  1. NorthernILPlwr

    NorthernILPlwr Member
    Messages: 58

    Ive never subcontracted for anyone before. My "boss" gave me a W-9 form to fill out. Someone told me that I will owe at the end of the year because they do not withhold any income when i get paid for plowing. Is there anything I can do to avoid this? Can I request a W-2?
  2. jce4isu

    jce4isu Senior Member
    Messages: 289

    no not really
  3. scuba875

    scuba875 Senior Member
    Messages: 250

    I get a lot of 1099's each year from the companies I do work for. There isn't much you can do about it but pay. It's part of doing business.

    Here is the problem with asking for a W2. If he was to do that he would be making you an employee of his company. When he pays all the related expenses involved in doing that he couldn't afford to pay you what you will make as a sub. The best advice I can give you is save all your receipts related to that income. You should still come out ahead of what you could make as an employee.

    Welcome to the world of working for yourself.

    CARDOCTOR PlowSite.com Addict
    Messages: 1,312

    find a good accountant. there's alot of things that you can deduct to make the taxes alittle easier . gas , equipment, oil changes ,clothing etc.save those receipts

  5. IndySnowPlow

    IndySnowPlow Senior Member
    from Indiana
    Messages: 214

    There is a section on your Form 1040 to add in this 1099 income.
  6. WetChicken

    WetChicken Senior Member
    Messages: 132

    A W-9 is the form that your customer sends to you to obtain your TIN aka tax ID number aka social security number. If you don't want to give out your SSN, file for a TIN from Uncle Sam.

    I second that vote, my wife is a CPA and I hear horror stories once in a while about those that just didn't know that they needed to do something different. My wife might be interested in doing this for you. Let me know. Otherwise, If you need a good reference in your area, start at www.daveramsey.com and look for edorsed local providers.
    Dave's site also has good financial advice. Do you know that you DO NOT need a credit score to go through life?

    One thing you need to do even if you don't find an accountant is start a separate bank account, and BE SURE the first 1/3 of your pay goes there for taxes. You should make quarterly estimated payments to keep Uncle Sam happy.
    Another thing to do is keep track of your actual mieage while out plowing so you know the business usage percentage of your vehicle. If you use the truck for personal miles then you can't deduct that.

    Last edited: Jan 1, 2007