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Did you know that using Form W-9 could save you time and money?

For information reporting purposes, you must obtain the name and Taxpayer Identification Number or (TIN) of any vendor that provides services for your business.

Although this information can be provided to you in any manner, you may wish to have the vendor complete a Form W-9, Request for Taxpayer Identification Number and Certification.

The form identifies the vendor's name, TIN, and type of entity, including whether the entity is exempt from reporting or withholding.

The information provided on the form may help you determine if payments made to that vendor are reportable on a Form 1099-MISC, Miscellaneous income and, if so, provides some of the information required to properly complete it.

By obtaining the information from the vendor up front, you can assess your information reporting and backup withholding obligations.

Using Form W-9 may help you avoid receiving IRS backup withholding and penalty notices, potential liability for withholding taxes, and penalties for failure to file correct information returns, or to furnish correct statements to recipients.

Having Forms W-9 on file will save you time by providing the information you will need in order to complete and file Forms 1099 Miscellaneous and avoid unnecessary backup withholding and related deposits, and avoid additional tax filings.

So what should you do?

Before making any payments to a service vendor, request that they provide you with their correct name and TIN.

They may complete Form W-9.

Review the form to insure it's properly completed.

And use the IRS TIN-matching program to verify the information is correct.

If a Form 1099 Miscellaneous is required, use the information reported on Forms W-9 to prepare Forms 1099-MISC accurately and timely.

If a service vendor does not provide a TIN, you may need to impose backup withholding on payments to that vendor, at a rate of 28%.

See Publication 1281, Backup Withholding for Missing and Incorrect Name/TIN(s) for more information on this issue.

To assist you in reviewing a Form W-9 provided by a service vendor for accuracy, go to irs.gov.

Search Form W-9.

Select Form W-9, Request for Taxpayer Identification Number and Certification.

Note the general and specific line by line instructions shown below the form.

Returning to our original search, we see the option to select instructions for the requester of Form W-9.

These instructions will help you determine when a Form W-9 is necessary, if the vendor completed the form correctly, when backup withholding is necessary, and which TIN the payee must provide.

Save time and money using the Form W-9 found on IRS.gov.