If you are a foreign national residing in America, having an ITIN Tax Number is as important as having your passport. All resident and non-resident aliens in America, as well as dependents of citizens not eligible for Social Security Number, are required by the American law to have an ITIN. But why is it so important to have your ITIN Tax Number?
The ITIN Tax Number is important because it facilitates the accomplishment of several legal requirements. It allows the American tax system to bring more people under the tax net, and offers ease in tax filing and reporting. But more importantly, it offers various benefits to its holders. It is not a one-way legal tool that works solely for the benefit of the government. Rather, it aims to facilitate the general public as much as it does the legal authorities.
Some of the advantages of ITIN Tax Number are:
An ITIN Tax Number It Allows You to Pay Taxes
Having an ITIN is an essential element if you need to file your tax returns. Without this, you are not eligible for filing a tax return. This could lead to several legal implications and make your life a long series of legal rounds. Having an ITIN Tax Number saves you from this hassle and lets you easily file for tax return.
ITIN Tax Number allows You to Open a Bank Account
Although this might not apply to all the states within the US, particularly after the recent global financial crisis, ITIN allows you to open an account in various banks. From Illinois to Phoenix, the holders of ITIN Tax Number are able to open accounts using this number only. This has led to more and more Americans being able to open bank accounts, and in one way or another, helped in boosting the economy out of the 2008 global meltdown.
ITIN Tax Number Allows You to Claim Child Credit
The rumored myth which held that child tax credits can only be claimed with the SSN, and not the ITIN, has now been debunked. If you have a child who is less than 17 years of age and has lived with you for more than half of the current year, not having a Social Security Number would not stop you from claiming child tax credit ITIN Tax Number allows you to file for and claim child tax, hence addressing any concerns of disparity between the SSN and ITIN.
ITIN Tax Number Allows You to Obtain a Credit History
When you obtain an ITIN, it allows you to apply for loans and credit cards. This helps you establish a credit history that can be beneficial in the future in my ways. For instance, having an ITIN can help you in obtaining legal immigration status, or applying for residency in the US. Likewise, once you have an ITIN Tax Number, it is relatively easier to apply for Socail Security Number. Having an ITIN also reflects favorably on you as a being a law abiding citizen in the eyes of the US law.
If you want to apply for an 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.