W9 for LLCs - Do I provide my SSN or EIN?
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- Опубликовано: 2 окт 2024
- Once your LLC is set up and you begin working for others (that pay you via check, direct deposit, or the equivalent), you're going. to start being asked to provide a W-9. One of the questions on the W-9 is that of your Tax ID. Do you provide your social security number or your new EIN? Find out here.
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This video answers an ESSENTIAL question that so many seem to botch. Some seller platforms tell you generally** MUST use your personal SSN for the W9 form if you are a single member LLC but apparently that's a bad idea for a plethora of reasons from what I've been reading, including having trouble when signing up as a seller on platforms ranging from Etsy to Steam, despite the IRS saying you generally** must use your own SSN. Its almost like the IRS is trying to make this small detail as confusing as possible for smLLC's. 😡😩 I elected to use my LLC's EIN. Will be getting the bank account for that soon as well, will update this comment if I run into any snags. Thank you for uploading this video. 😭
**the IRS is on crack
This video was helpful! It answered one question I had, but I'm looking for more info. I hope you can help. My wife and I had an LLC. The attorney who set it up used my SSN for the TIN. We changed the partnership and removed me from the LLC. I don't want my SSN to be used as the TIN, but instead would like to use a EIN. Can my wife just apply for a new EIN number or is there something she would need to do to change from my SSN to an EIN? Thank you!
According to what I am reading on the IRS guidelines, a single-member LLC is considered a disregarded entity. That being said, if you are a single-member LLC, you will still need to provide your SSN - or YOUR own EIN (not the single-member LLC EIN) on a W-9. Am I understanding this correctly?
This has been a constant battle in these comments, but I don't think the IRS is being very clear. Personally, I don't want to give my SSN to anyone, so I'm not going to. I will give my EIN on any documents that relate to my business.
@@betterlegal Exactly that was the purpose of getting an LLC and an EIN
@@MechaniclifeJDM100% use your EIN, if you include both that will possibly confuse the person preparing your 1099. Imagine losing your liability protection because you get a 1099 in your personal ID number lol. (Commingling)
Im gonna tell the IRS.what happen.
TikTok isn’t allowing this. Grrrr
Is there any benefit from putting an EIN number rather then your SSN?
Thanks for the help on my ssn
No problem
I am a consultant for an X company. They ask me for my EIN. Do I share my EIN with them?
You are the best
IF I follow the IRS instructions and put my SSN on the W9, who does the person paying me make the check out to? Me or the LLC? I needed a EIN to open a business checking account for the LLC. Can I deposit checks made out to me (for work done as the business) into the LLC account?
the check has to have the same name as the bank account name that it will go to. That's all banks care about when it comes to names and checks.
you complicate things my friend
What if it is less than $600? Like only $200? Do you still need to provide that W-9?
No, if it's less than $600, nothing is necessary. That doesn't prevent the company from requesting one because they may anticipate paying you $600 and the accountants want their i's dotted and t's crossed
@@betterlegal Thank you!
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