97 \\ W-9 Mistakes Every Business Owner Must Avoid: CPA Advice for Contractors
- Author
- Tiffany Phillips - CPA, Small Business Money Mentor, Financial Expert
- Published
- Mon 22 Apr 2024
- Episode Link
- https://smallbusinessfinance.podbean.com/e/97-avoiding-w-9-pitfalls-that-could-cost-you-big-as-a-business-owner/
Do you really know how to handle W-9s for your contractors? In this episode, we break down exactly what business owners need to know to avoid penalties and IRS headaches. You’ll learn when to collect W-9s, why timing matters, and how incorrect forms can affect 1099 reporting and your tax deductions. We cover the IRS’s new 2024 W-9 updates, how to verify contractor tax classifications, and why keeping these forms on file protects your business. If you’ve ever wondered what your responsibility is when a contractor leaves information blank, or what “backup withholding” means, this episode clears it up. This is practical CPA advice for small business owners who want to stay compliant, avoid costly mistakes, and keep their tax records clean.
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