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!
IRS Form W-9 Help
Discussion in 'Ask An Owner Operator' started by gekko1323, May 11, 2022.
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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.
blairandgretchen, God prefers Diesels and gekko1323 Thank this. -
So basically, Line 1 is the name that I PLAN to file under, instead of my previous returns?God prefers Diesels and D.Tibbitt Thank this.
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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.PirateBox, wis bang, God prefers Diesels and 2 others Thank this.
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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?God prefers Diesels and D.Tibbitt Thank this.
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BINGO. I think that is the key. Yes, this is for the brokers.God prefers Diesels and D.Tibbitt Thank this.
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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 packetGod prefers Diesels, gekko1323 and D.Tibbitt Thank this. -
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 nameGod prefers Diesels and gekko1323 Thank this.
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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?God prefers Diesels and D.Tibbitt Thank this.
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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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