Being a tax professional, handling taxes for individuals and businesses, you should not overlook the paired business line that can add thousands to your revenue. This line is ITIN (individual taxpayer identification number) application processing.
If you are in the business of preparing income tax returns for those having tax filing requirements, you should add the service of processing ITIN applications to your business. Review the given material to find out how offering this service can benefit you.
What is an ITIN?
Individual taxpayer identification number is a number used on federal tax returns as a valid tax identity. Being issued from the Internal Revenue Service, an ITIN allows undocumented immigrants to file their tax returns in compliance with US tax laws. There are a few additional benefits that ITIN-holders enjoy including the ability to get a home loan, open an interest-bearing account and to get registered in various insurance plans.
It is also important to mention that ITIN is different from the social security number used by US citizens for their tax processing. In addition, it is not a validation of the legal identity of its holders nor allows them to work legally in USA.
Why Should You Offer ITIN Services At Your Tax Business?
- ITINs are closely associated with tax preparation, as all the undocumented US immigrants need to attach a valid and complete US tax return with their application for individual taxpayer identification number.
- ITIN services will surely expand your customer base and will allow you to provide an additional service to your present customers. If your customer has a social security number, it does not mean that his or her dependents or spouses also have it. An ITIN could be needed by your client to claim an exemption for the dependent or spouse living in Mexico or Canada.
- Another advantage is that your ITIN clients give you more business as they usually need multiple years of tax preparation services.
- ITIN application process is similar to tax preparations and quite easy. You don’t need to know multiple languages for completing an application for individual taxpayer identification number; the form is available in English.
- Another benefit that ITIN service will provide to your tax preparation business is good will from your clients, as you can help your customers get certain tax refunds on the basis of ITIN that they normally would never get.
How Can You Add ITIN Application Services to Your Business?
You should contact IRS for an approval to provide ITIN processing services. IRS authorizes certain individuals and organizations as Certifying Acceptance Agents (CAA) to offer ITIN services for assisting people in obtaining their individual taxpayer identification numbers. Comprehensive training and support is provided to CAAs for error-free processing of applications.
Adding ITIN services to your tax preparation business can function as a tool for it to grow. If you are running a tax preparation office and are not taking advantage of ITIN services, you are definitely missing out on a lucrative opportunity.
If you want to apply for an, Individual Taxpayer Identification Number, or ITIN tax number and have any other questions, please feel free to contact us at 888-509-3616. If you have any suggestions please share those with us as well. Freedomtax ITIN Number has a professional team of IRS Certifying Acceptance Agents, and tax accounting professionals with more than 16 years of experience, helping immigrants with their ITIN application. Freedomtax can also help immigrant entrepreneurs incorporate a business in the USA. Freedomtax ITIN Tax Number Online services provides Quality, Professional Service with a Family Feel.