In order to work for immigrants to earn a source of income in the United States, they began to forge a Social Security Number or SNN. The government of the United States realized the problem and created an Individual Taxpayer Identification Number or ITIN to subdue it. The establishment of the ITIN tax number enables both illegal and legal residents of the country to work.
If the Government Knows Who You Are, How is it Safe?
The ITIN tax number was not implemented into law to root out illegal immigrants living in the United States, but its primary purpose was to make them comply with the state and federal tax laws. The Internal Revenue Service or IRS is under no obligation to provide the location of the illegal immigrants to the police department. The question is, if it is safe to get an ITIN tax number? The answer is that it is safe and beneficial for people.
How Getting an ITIN Tax Number Benefit You?
Here is a list of the primary reasons of how getting an ITIN tax number can benefit you:
- It Allows You to Make State and Federal Tax Payments
By applying for an ITIN tax number, you will be able to make claims on your taxes. For people that wish to become citizens of the United States, paying taxes is pertinent for them, as it will portray them as law-abiding residents.
- It Allows You to Collect Tax Returns on Money Withheld
If your money had been in withheld from your salary in the working year, you can collect them through the ITIN tax number. If you have not applied for ITIN, you need to because about seventy-five percent of most taxpayers can claim returns on the money withheld, which means you might be entitled to tax returns during the working year.
Moreover, you will not qualify for Child Tax Credit either, meaning you could end up missing $1,000 credit per child. If you earn over $8,000, your family will qualify for the Additional Tax Credit. By not applying for an ITIN, you are missing out on all extra money that could go towards supporting your spouse and children.
- It Allows You to Obtain Loans, Credit Cards, and Phone Lines
ITIN will allow you to obtain a credit card, open a bank account, purchase a cell phone, and car insurance. You can even obtain a driver’s license by showing your ITIN, but you will have to check with the laws of the state first to see if they offer a driver’s license on an ITIN, as not all state do.
- It Allows You to Open a Business
You can apply for an Employer Identification Number or EIN to establish a business in the United States. Having the Individual Taxpayer Identification Number will increase your chances of obtaining an EIN.
If you need assistance in applying for an ITIN tax number, you can contact an immigration firm to help you out with the process.
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.