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Collecting W-9 forms from your vendors
It is important to collect a W-9 form from every vendor that provides a service, your lawyer, and your landlord. This form provides the information to determine if you need to issue them a 1099-NEC or 1099-MISC at the end of the year and serves as your proof of due diligence if the government ever audits you.
We recommend that you collect this information before issuing payment to your vendor.
There are several ways that you can get this information:
- Download the form from the IRS website and have your vendor fill it out and return
- Collect the information electronically, QuickBooks Online can do this (although it’s not our favorite), there are also other services available that we can recommend.
- Create a W-9 substitute form- click here for a template you can download and customize with your business information.