Reply by Sylvia_FL on 7/7/07 12:53pm
Msg #198838
You need to provide the W9 - but get yourself an EIN number and use that instead of your SS number. If you earn $600 or more with a company they have to issue a 1099, but regardless of whether they issue one or not you have to report all income.
As a SS I only issue 1099's for those earning the $600 in the year, but I have to keep a record of all the other signing agents I have paid and the amounts paid to them.
Some companies will not issue a check for a signing until they receive a W9.
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Reply by Joe/AR on 7/7/07 2:09pm
Msg #198848
A W-9 is a tracking for companies that pay out money for services. The W-9 generates a 1099 for any earnings over $600. I have seen companies that give each contractor a 1099 regardless of the amount of money but it is only required by the IRS for $600 or more income from one specific. However, you may not make $600 from one company but from a combination of companies. That company may not give you a 1099 but you still need to report that income on a schedule C on the 1040 tax return. You can use your SS # or EIN. The income is considered self employment income. Keep a journal of all your signings and make sure you add them all up and report it as income, don't forget to deduct all your expenses. Sometimes people forget they can depreciate their vehicle and all expenses including, paper, pens, computer, printer, if you have a home office, you can take the square footage of your office space and a percentage of the mortgage and utility bills. If you need more info let me know. I have worked for a well known tax company for the last 3 years, besides when I was doing taxes on the side. I am currently learning how to do corporation's taxes.
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Reply by SharonMN on 7/8/07 4:46pm
Msg #198934
At tax time, you should pay your taxes using the good business records you've kept. I provide a W-9 to companies that ask for it, and my invoices have my EIN on them, but I've never received a 1099 from any signing-agent related company. So don't count on the title companies and signing services -- keep track of your own income.
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