What is ITIN? Why is ITIN important?
ITIN (Individual Taxpayer Identification Number) is a nine-digit number used for processing United States Tax or simply tax. The Internal Revenue Service (IRS) issues Tax identification numbers to the US citizens who don’t have Social Security number. With the help of ITIN, you can comply with U.S tax laws and perform transactions that cannot be done through Social Security Numbers. By reading this article, you can know about importance and benefits of having an ITIN:
Why Should I Require An ITIN?
If any specific condition is not met and you do not qualify for SSNs, you can make use of ITIN. If you don’t know about SSN, I want to tell you that it is a security number issued to people living in the U.S for performing taxation activities.
In simple words, if you want to claim any refund by filing a U.S tax return, you need to have an ITIN or SSNs. People who don’t have SSN’s can definitely apply for ITIN by visiting the site https://www.irs.gov.
Some people that specifically require ITINs include U.S residents who are not eligible for an SSN, U.S non-resident individuals who are not eligible for an SSN & persons who are the spouse (Husband/ Wife) of U.S citizens
Benefits Of ITIN
No matter, you qualify for a Social Security Number, or you are a temporary U.S resident, you certainly can pay taxes and live a happy life. Thanks to the special ITIN number introduced 12 years ago. Foreign Nationals and other persons who perform federal tax operations can apply for ITIN. If you have an ITIN number, you can
- Easily claim the child credit
- Easily get the complete credit history
- Easily pay all the taxes
- Easily open a bank account
How To Apply For ITIN?
Applying for an ITIN is not a difficult task. For that, you are required to fill the Itin application form W-7. With this form, you need to attach the federal income tax return. Original or certified copies must be there for providing your identity.
During any time of the year, when you have a tax filling requirement, you can apply for an ITIN. It’s your wish whether you want to send identity proof, foreign status documents, tax returns, etc. to the mailing address or want to apply through the appointment at the designated IRS assistance center.
Well, you can also apply by using the services available from the IRS-authorized Acceptance Agent. Within seven weeks, you will get a response to the successful application of ITIN.
IRS issues ITIN number to US residents so that they can pay taxes on time and avail the life benefits. Basically, ITIN removes the specific requirement of SSN (Social Security Number) which is only issued to U.S citizens.
An ITIN number allows an individual to claim for the refund, open a bank account and avail all the credit history. For filling the application, you can visit the IRS assistance center or send the W-7 form, proof of identity and other documents to the respective IRS mailing address. So, perform your taxation activities on time by getting an ITIN number.