how to get w-9 from shopify

welcome to tax teach i hope you're all,having a great day my name is sean i'm a,certified public accountant specializing,in taxation today i want to go over how,to fill out form w-9 request for,taxpayer identification number and,certification without further ado let's,get into it how to fill out form w9,here's the form w9 and olfa's glory,but before we get into the form and how,to fill it out i want to step back and,talk about why you might need to fill,out a form w9,so right now you should be seeing a,couple reasons right why you might need,to fill out form w9 i'd say the most,common ones might be income being paid,to you,through so you might be receiving a 1099,or you have mortgage interest you paid,and what,the company or person giving you,money,is required to do if it's above a,certain threshold is report to the irs,at 1099,and then give you a 1099,and that's why the requesting for your,tax payer identification number is to,have that info on file to give to the,irs,and the same goes for mortgage interest,you paid,whatever lending company use a bank,they want to provide the 1098 to you and,then to the irs with the proper,taxpayer identification number for you,so now we got the reasoning behind my,why you might need to fill out a form w9,let's get into actually filling out the,form w9,now we're back to the form w9,and let's go over step 1 step 1 you'd,put your name and in this example i'm,going to assume that the taxpayer this,is a,single member llc as disregarded so when,you have when you own a single member,llc is disregarded you put your name,here in line one,and then in line two you would put the,llc's name,as i've done so here if you're just a,sole proprietor or,a,individual you would just put your name,here in line one and leave number two,blank,and then we will go to step three and,then in step three mark your,federal task classification and you can,see there's a couple options here,and since in this example,i'm using an individual who owns a,single member llc that's disregarded i'd,mark this box but you would mark the box,here which is applicable to you,and a common example of something,that people might fill at w nine four is,if you're individual you'd mark the same,box i have marked here in step three,now i'm not gonna go over,step four step four is in special,circumstances so i'm not really gonna go,over step four,now we'll go to step five,and then step five,you put the address down that you want,the tax forms mailed to you,and like i mentioned earlier,the,company or person requesting,for your tax identification number,is going to send you most likely a 1099,if you got income income from them,or if you're a mortgage interest with a,lending ban a bank or a lending,institution,they'll send you a 10.98 to the address,that you put here so step five and six,this is the address you want to put down,to have the tax forms mailed to you,related to your,form w9 being filled out,now part one this is where i want to go,over and you should pay attention in a,little more detail here and right now,you either put your social security or,your employer identification number and,let's go to instructions here for part,one because i think it's helpful let's,go down to,the instructions,right here your taxpayer identification,number,now if you are a sole proprietor and you,have an ein you may enter either your,social security number or your ein,now in the case where,example i'm going over where there's a,single member llc that is disregarded as,an entity,you want to enter the owner's social,security number,not the,employer identification number for your,llc so you're putting your own social,social security number in there,now if you,don't have social security number in the,case maybe you're a resident alien you,would put your,itin your individual tax identification,number into the area above in part one,so keep in mind there's some special,rules related to what taxpayer,identification number you should put in,so we'll go back to the top,to part,part one here,and since i am a in this example a,single member llc that's disregarded i,would put,the social security number related to,myself right here just a random social,security number that i have down here,and remember if you're an individual you,can put your social security number down,here or if you have an employer,identification number you could put it,as well you have the option to do that,and if your resident alien let's say you,don't have social security number you,can put your itin here,in part two there's a couple things that,you have to certify,right above and then you would sign,right here,signature and the date that you signed,and that that is the form w9 so once you,fill that out you give it to the person,or company that is requesting this from,you,so that you can get your tax forms,last thing to mention before i end the,video here,um,you want to fill out form w-9 because if,you don't fill out form w-9 and give,your,tax identification number to,whoever's giving you money or,who you're,paying mortgage interest to,then there's going to be at least when,it comes to income a,backup withholding up to 24,of the amount of the payments you,received,so if you forget to,fill out a form w-9,24,of whatever payment you're receiving is,going to,be kept,as withholding,and,so,to eliminate that you want to fill out,form w9 and you don't have that backup,withholding on payments you receive just,a quick thing i want to mention if you,fail to fill out your form of b9 you,might be subject to backup withholding,of up to 24,that concludes the video i hope you,found the video helpful and informative,if you enjoyed the video hit the like,button lets me know that i'm creating,good content for you all also if you,want to watch videos like this in the,future hit the subscribe button it's,free and keeps you up to date on videos,i post in the future,so with that i thank you all again for,watching and i'll see you next video

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