IRS Form W-9 Help

Discussion in 'Ask An Owner Operator' started by gekko1323, May 11, 2022.

  1. gekko1323

    gekko1323 Road Train Member

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    Hey guys, I'm pretty bamboozled with this W-9. I read the directions and the way some things are worded just get me even more confused.

    So I formed an LLC for my authority. I am the only one on the LLC. So a couple of questions...

    1- What do I put on Line 1? My name or my business name?

    2- On line 3, do I check the box that reads "individual/sole proprietor or single-member LLC", or do I check the box that says "Limited liability company"?

    3- On Part 1, do I put my SSN or my EIN?

    4- I was planning to file as an "S" corporation? Should I or should I file as an individual?

    I was gonna call my accountant tomorrow, but why put off until tomorrow what I can do tonight!
     
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  3. D.Tibbitt

    D.Tibbitt Road Train Member

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    Business Name on line 1 . line 3 single member LLC if thats what you are. insert EIN since this form is for your business not you personally... if you want to file as an S-Corp you will have to wait until the next tax season to change that i believe.
     
  4. gekko1323

    gekko1323 Road Train Member

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    So basically, Line 1 is the name that I PLAN to file under, instead of my previous returns?
     
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  5. D.Tibbitt

    D.Tibbitt Road Train Member

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    im assuming you are filling out w-9 because ur working with brokers.. so the contract is between your business and their business. so it is your business getting paid from the broker not you personally.. so the w-9 needs to be filled out under your business name.
     
  6. gekko1323

    gekko1323 Road Train Member

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    And this is where I'm stressing myself out...In a single-member LLC, the tax filing goes under that individual's name. Since that is the name on the tax return, then shouldn't the person's NAME be in Box 1?
     
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  7. gekko1323

    gekko1323 Road Train Member

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    BINGO. I think that is the key. Yes, this is for the brokers.
     
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  8. Chieftains

    Chieftains Medium Load Member

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    Correct. Some brokers insist that name an business name match.
    Single member.
    Tax ID #.
    Scan it an have it ready including authority papers an insurance.
    So you can send as a carrier packet
     
  9. D.Tibbitt

    D.Tibbitt Road Train Member

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    I would put it under your business name unless you dont have one. if you are just a sole prop then put your personal name. otherwise use your business name
     
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  10. gekko1323

    gekko1323 Road Train Member

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    Thanks Dave. This is where I get bamboozled. I know that as a single-member LLC, the earnings of the company "pass through" the individual's tax return. So I wasn't sure what to do on Line 1. It says that Line 1 should MATCH the name on the individual's tax return. Since the company's earnings "pass through" an individual's tax return, then that tax return is obviously in the individual's name. Do you see where I'm coming from?
     
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  11. gekko1323

    gekko1323 Road Train Member

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    It says that Line 1 should MATCH the name on the individual's tax return. Since the company's earnings "pass through" an individual's tax return, then that tax return is obviously in the individual's name. Do you see where I'm coming from? I'm still twisted over this.
     
    God prefers Diesels Thanks this.
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