We require all drivers to submit a W9 Tax Form for identity purposes and to send out 1099 at the end of the year if the driver makes more than $600 within the year using Steereo.
Verifying each driver signing up will help avoid any identity theft and also prevent any delays for drivers retrieving tax forms at the end of the year.
What is a W-9?
A W-9 is a commonly used IRS Form and stands for: Request for Taxpayer Identification Number and Certification. As a contractor, you use the form to provide your taxpayer identification number to Steereo for payment during the tax year.
You will be prompted in the Steereo app upon opening to fill out your W9 form, and you will be unable to continue using the app until this has been completed.
What is a 1099?
The 1099 form is considered an information report by the IRS. Steereo will give you a 1099 as a report of the income you have made while playing music on our app. Once you've received your 1099, you can share the income you made on your tax returns.