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  1. #1
    Join Date
    Mar 2006
    Posts
    25

    YF Direct needs Taxes now

    See this email which I got jus now

    Hello,


    We've had occasional problems with our automated emails being blocked
    or
    filtered. Please use the link(s) below to create your Redemption
    Certificate(s).






    rint and mail the certificate(s) to the address listed on the
    certificate(s). If you are submitting more than one certificate please
    be sure to mail all of them in one envelope. Please allow 6-8 weeks
    from the time the certificate(s) arrive at our gift center for
    processing and delivery. If you do not receive your gift in that time,
    please reply back and let us know or call our Customer Call center at
    1-801-316-0555.

    ***Your URL may break onto additional lines. Be sure to copy and paste
    all lines into the address line of your web browser. (Your link should
    end with your complete email address.)***


    Please be advised that we are required by law to notify the IRS
    regarding your gift. You will be required to submit a W9 form to us as
    part of the gift fulfillment process regardless of the value of the
    gift
    award. Please complete and sign your W9 form and return it to us as
    soon as possible so we can fulfill your gift within 6 to 8 weeks.
    Refer
    to www.irs.gov for any questions you have on the W9 requirements.


    Thank you,

    Constance


    So how much will be the tax ??? and when shld we submit the w9 form and where can we get that form ??

  2. #2
    Join Date
    Dec 2005
    Posts
    68

    Re: YF Direct needs Taxes now

    Did they attach the W-9 form? If not, it should be available on irs.gov. How much you pay next year for taxes will depend on the tax bracket you fall in.

  3. #3
    Join Date
    Mar 2006
    Posts
    25

    Re: YF Direct needs Taxes now

    Is it safe to give these people (YF direct) our SSN and all other detail ???

  4. #4
    Join Date
    Dec 2005
    Posts
    61

    Re: YF Direct needs Taxes now

    Yikes, I'm a little leary of giving my social security number. These freebie companies sold my email address to spammers, I hope they don't sell my social security number too! :(

  5. #5
    Join Date
    Dec 2005
    Posts
    68

    Re: YF Direct needs Taxes now

    Quote Originally Posted by scams4u
    Is it safe to give these people (YF direct) our SSN and all other detail ???
    I would think so. I'm not sure if YF Direct does it or not, but MetaReward and Nuitech both supposedly shred the information when they are done with it. I submitted my info to both and haven't had a problem.

  6. #6
    Join Date
    Sep 2005
    Posts
    353

    Re: YF Direct needs Taxes now

    Tending to believe that all these companies will do the right thing with my ss is not a good idea. I'll say, keep an eye on your credit report and get tools that let you know when someone inquires your credit. You never know!

  7. #7
    Join Date
    Mar 2006
    Posts
    8

    Re: YF Direct needs Taxes now

    I actually got that same email and no, they haven't attached the w9 form in the redemption email from Constance. Here is the link for that from the irs.gov website:

    http://www.irs.gov/pub/irs-pdf/fw9.pdf

    Fill it out and send it with your certificates (atleast thats what i did!)

    Hope they don't take out too much off my taxes...hope i'm exempt!!

    YF never used to ask for this info... W9 is only required for gifts exceeding the value of $600.00 USD, BUT nowadays YF needs it for all gifts regardless of its value...seems a bit fishy to me, but i'll go ahead and send my w9 with the certs tomorrow morning because they won't send me my lcd tv if i don't include a w9....yeah

  8. #8
    Join Date
    Jun 2005
    Posts
    27

    Re: YF Direct needs Taxes now

    I don't think they should require social security #'s for the gifts under $600. This is too risky for me. If law requires the SS for gifts over $600 that's fine, I can understand, but YF wanting SS's for the smaller stuff just for their own edification, I don't agree with that. It's starts feeling too risky/fishy to me. It's scary giving out personal info anyway. It's a stretch to even give out personal info to all the company's involved with this because they are probably selling all our personal info too. I really am not comfortable with all of that, and the fact that YF has been getting so unreasonable with their giftsites makes me just NOT want to get involved with the whole scene.
    I think they need to tighten their parameters up for sure, to protect themselves, their advertisers etc., but they shouldn't bite the hands that feed them or they are gonna end up going hungry in the end.

  9. #9
    Join Date
    Jun 2005
    Posts
    15

    Re: YF Direct needs Taxes now

    It's not just for their own edification. You are required to report the income regardless of the amount. The$600 threshold only applied when Metareward was trying to treat the money as non-employee compensation. Since it's not, it's prize money, the $600 restriction doesn't apply.

  10. #10
    Join Date
    Jun 2005
    Posts
    27

    Re: YF Direct needs Taxes now

    Well why isn't NIU tech and others requiring w-9's for their small offers? It seems from what I have read and heard that it is only YF that is requiring this. What do you mean about the Metarewards and the non employee compensation, has something changed with them?

  11. #11
    Join Date
    Jan 2006
    Posts
    24

    Re: YF Direct needs Taxes now

    I could be wrong because I know next to nothing about taxes but maybe they require W9's for under $600 because so many people are doing many of their sites and if one person does 5 of their sites each for $500 gifts, that equals $2500 worth of gifts you have received from them.

    Just a thought. ;)

  12. #12

    Re: YF Direct needs Taxes now

    If the items you are getting is an actual Item, TV, DVD Recorder, Plasma TV, etc. then there is no Income Tax on an Item. THERE IS Use/Sales Tax on the item for your Local State or City.

    If you receive Cash, or Check then yes it maybe considered Income and therefore Taxable.

    Gift Cards are not taxable Income, but the Items you buy you will pay the appropriate Sales/Use Taxes on the Purchase of an item(s).

  13. #13
    Join Date
    Jun 2005
    Posts
    419

    Re: YF Direct needs Taxes now

    Quote Originally Posted by jaimedara
    I don't think they should require social security #'s for the gifts under $600. This is too risky for me. If law requires the SS for gifts over $600 that's fine, I can understand, but YF wanting SS's for the smaller stuff just for their own edification, I don't agree with that. It's starts feeling too risky/fishy to me. It's scary giving out personal info anyway. It's a stretch to even give out personal info to all the company's involved with this because they are probably selling all our personal info too. I really am not comfortable with all of that, and the fact that YF has been getting so unreasonable with their giftsites makes me just NOT want to get involved with the whole scene.
    I think they need to tighten their parameters up for sure, to protect themselves, their advertisers etc., but they shouldn't bite the hands that feed them or they are gonna end up going hungry in the end.
    The fact is when you work a job, they don't pay you yearly, they pay you weekly or bi-weekly... not all at once... and you still pay taxes. If you get multiple gifts from the same parent company that eventually add up to more than $600 then you have to pay taxes... You also pay taxes on prizes... or anything you get for free... Quite being unamerican and avoiding taxes... George Bush has a war to fund and many nations that hate us to send aid too! DO YOUR PART AND QUIT WHINING ABOUT IT.
    Deth is always approaching, live while you can...

  14. #14
    Join Date
    Jun 2005
    Posts
    27

    Re: YF Direct needs Taxes now

    I'm not whining Dethlok, I am wondering if it is worth doing the offers once you factor taxes in. And I was also wondering if the reason they need w-9's on the small stuff is due to the fact that they add everything up in case it reaches $600. I did a metareward sight that was under $600 and wasn't asked for a w-9. I also did Consumerincentive promotions ($500) and getspecialgifts ($75) and they didn't ask for a w-9 so I just don't understand why YFDirect is asking for w-9's on the smaller gifts. I'm not afraid of paying taxes, I just don't want to throw my social security number around when it isn't required by law. The way I understand it, only gifts $600 and over require the w-9 so it doesn't make sense to me why we should have to provide it for the small stuff. Everyone needs to do the math and see if it is even worth doing these gift sites once you factor in the taxes. I mean, the requirements have gone way up and are expensive and super hard to even do, so it looks like it would be more of a break-even than a profit. I don't know if the headache and the agony of signing up and taking care to make sure you aren't signing your life away with each offer is worth it for me. But whatever floats your boat.

  15. #15
    Join Date
    Dec 2005
    Posts
    244

    Re: YF Direct needs Taxes now

    Quote Originally Posted by jaimedara
    Well why isn't NIU tech and others requiring w-9's for their small offers? It seems from what I have read and heard that it is only YF that is requiring this. What do you mean about the Metarewards and the non employee compensation, has something changed with them?
    They may be now. I qualified for Consumer Incentive Promotion's trip for 2 to Orlando (retail value of $490) & I had to submit W9 with the redemption.

  16. #16
    Join Date
    Jan 2006
    Posts
    143

    Re: YF Direct needs Taxes now

    Quote Originally Posted by jaimedara
    The way I understand it, only gifts $600 and over require the w-9 so it doesn't make sense to me why we should have to provide it for the small stuff.
    The key here is "$600+ requires a W-9". That is the minimum Uncle Sam sets. There isn't any law or IRS reg that says a company cannot require a W-9 for amounts smaller than $600. YF may have gotten new tax advice or a visit from the IRS asking where all the money they said they spent on gifts has really gone. Maybe they want to slow down the number of double-dippers by making them aware that the "free money" days are gone at YF.

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