Hey, we also have a Mastermind membership, so this is the second part of the critical documents that I use with my contractors. One of these is the W-9 form, which I use with all contractors in my business who I pay regularly. It's important to use a W-9 form with independent contractors, not just for rehab work, but also for other contractors like website maintenance. By using a W-9 form, it shows that they are not employees of my business. Additionally, I recommend using an independent contractor agreement, which covers various aspects. The W-9 form is essential because it serves as documentation when you go to 1099 them at the end of the year, around January 31st. This form confirms that they were independent contractors and not employees. Please download the W-9 form and ensure that you use it with your contractors for rehab work, as well as anyone you plan to pay monthly. Now, I want to discuss virtual assistants. If you are using platforms like Upwork or Fiverr, they handle taxes and fees for you. However, if you are paying a virtual assistant through PayPal or another method, it's important to use a W-9 form to protect yourself and ensure they are classified as independent contractors. This applies regardless of the assistant's country. If you have any questions about this form, please feel free to leave comments below. Thanks for watching this video. Don't forget to check out the links in the YouTube description and subscribe to hear more about systems, product reviews, real estate investing strategies, and personal development. And for those interested, you can join me at the Real Deal Meetup, which takes place at the BWI Austin hotel every 4th Thursday of the month.
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How to fill out a w9 for an estate Form: What You Should Know
You will need or be willing to make available your own personal identification number. (Personal identification number is your first, middle and last name) You certify that the information you are submitting is true and correct. Form W-9 (FATWA Reporting Exemption) · Form W-9 (FATWA Reporting Exemption) includes two exemptions, one for you and one for your spouse or dependent child in addition to the Additional Exemptions from Reporting and Payroll Tax for Individuals under Age 18 Filing a Form W-9 in the Wrong Year — IRS Notice 2010-41 (Reaffirmed on 10/21/2010) Filing a Form W-9, Request for Taxpayer Identification and Certification, in the Wrong Year Form W-8 Instructions for the Form W-8 Claimant Form W-8 — Individual Taxpayer Identification Number — Form W-8 is to be used by taxpayers in their personal capacity to provide their income tax information to the mayor (retail or credit card processing company), or their employer, for filing any tax return to which such taxpayer is a party. Form W-8 is not a taxpayer's claim that he or she must file a Form 1040A (income tax return) to have any tax refund or credit. Instead, the Form W-8 has only one purpose: to provide the information that appears on the Internal Revenue Code (IRC) Schedule SE (Form 1040A) for the return or returns of taxpayer(s) claimed on the form. Form W-8 — Personal Information Statement (PIS), Personal Identification Number (PIN) If your job or employment provides you with a PIN, consider using that PIN to sign off from being asked for and entering your employer's or job's PIN. It's recommended that you have your employers PIN before you begin filing Form W-8. Filing Forms W-8 and W-9 with Same W-8 Claimant # If you have the same W-8 claimant number but filing a Form W-8 with a different Form W-8 claimant # then your information won't appear on the Form W-8.
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