Ok Clubbers, it’s time to get serious for a minute.
There’s someone out there who said something profound about death and taxes and that someone wasn’t me. I’m here today to talk about taxes. I know, I know. Taxes are boring, but all my Point Clubbers out there who earn $600 or more in a tax year will be asked to complete a W-9 because you are required to report these earnings to the IRS. No one wants to get trapped in the clutches of the IRS. I’d rather face off against Magneto, Loki and anyone else then to try to do battle with the IRS.
Here’s the breakdown. When a panelist has earned $600, he/she will receive a request to fill out and return the W-9. The online panel company will then use the information from the W-9 to complete the 1099 Misc. which is then sent to the IRS.
This is the only time and the only reason an online panel will ask for your social security number. You might even get the request to complete the W-9 before you have reached the $600 mark. As you get upwards of $500, the online panel will often send out the requests so that the W-9 is completed well in advance.
It is really pretty simple and we all need to follow the rules. So Clubbers, the point is this – if you get a request to complete a W-9, do it. Report your earnings if they are in excess of $600.
Stay true, Point Clubbers!