Are you a resident alien or a U.S. citizen who is also in the military? Regardless of part of the globe you are stationed at, you along with your dependents will be required to pay income taxes and apply for either a Social Security Number or an ITIN tax number. Do not delay this process, as in order to claim your taxes, you need for either one of these identification numbers. If you delay the process, you will lose money.
How Can You Obtain a SSN and an ITIN Tax Number?
You can obtain a Social Security Number by filling out form SS-5, which will grant you a Social Security Card. If you do not qualify for a Social Security Number, you and your dependents will need to apply for an ITIN tax number. You can apply for an Individual Taxpayer Identification Number by filling out Form W-7 along with your passport or any other valid documentation proving your identity.
Why Should You Apply for an ITIN Tax Number?
United State citizens or resident aliens living abroad or serving in the U.S. army outside of the country should apply for an ITIN tax number on the date of their next tax return. If they are unable to pay, they are automatically granted a two-month extension without even requesting for one.
According to the calendar year, the automatic two-month extension is June 15. If you are unable to file your tax returns in the two months, you can request it to be extended it to October 15. All you will need to do is file the Form 4868 before the two-month automatic extension is up.
Keep in mind that any tax payments you paid after June 15 will be charged with interest and penalties. Additionally, you need to comprehend the exchange rates in order to make the correct amount of payment.
You Must Pay Your Taxes in U.S. Dollars
When you create your tax report, you must report your tax returns in the currency of the U.S. dollar. If you receive your income or pay using another country’s currency than your own, you need to change the foreign currency into a U.S. dollar in your report. You can use the yearly exchange rate to report any income you earned abroad and any transaction you made using foreign currency.
Since people in the U.S. armed forces will less likely go out to shop or earn money, their dependents such as their significant other and children will most probably take up a job or purchase items using foreign currency. If so, they need to file for an ITIN tax number.
If your significant other or dependents do not have a Social Security Number and need help filing for an ITIN tax number, they can contact an immigration firm to assist them obtain an Individual Taxpayer Identification Number. Upon applying for an ITIN, they must submit their parent’s or significant other’s U.S. military identification to qualify.
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.