I recently submitted an article for publication in a magazine that was accepted. I don’t normally do this since I have regular work coming in. But the magazine was of interest and I thought I had a suitable topic.
The editor recently sent me a reply that my article had been accepted and provided some contract information, including a request for my name, phone number and Social Security Number (SSN), so that I could be paid. I was a bit wary of providing my SSN.
After doing some research, I found that many publishing companies request this because anything they pay over $600 requires the IRS be notified. But even if your project doesn’t pay that much, if they end up taking you on as a regular contributor, they will have their tax matters taken care of ahead of time by having your SSN.
Despite this information, I still wasn’t comfortable with the idea of just handing over my SSN. Maybe I’m just behind on the times, but I then found you can provide an Employee Identification Number (EIN), instead of your SSN. It is free and easy to obtain through the IRS website.
Considering I have been working as an independent contractor for well over two and a half years now, I probably should have already had one of these. Working as a sole proprietor, you can use this number to open a bank account, apply for a business license, or file a tax return.
After going onto the IRS website, applying for my number and immediately receiving it, I felt much more comfortable replying back to the editor. I was able to accept their contract and rather than giving them my SSN, was able to provide my EIN. Now I can get paid and know that my identity is protected.
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