You might have wondered at times if an ITIN number is really important. Will the ITIN number benefit you? Will it help you in any way with your taxes? These questions can certainly be confusing. Here are some important tips to help you out!
The Role of an ITIN Number
ITIN number have their part when it comes to taxes and tax returns. ITIN number helps the IRS keep track of who pays their taxes. IRS is a part of the federal government under the revenue department and it is primarily concerned with taxes. The ITIN is a specific identification number assigned to individuals who have not been given the green light for an SSN. The ITIN number helps the government identify those individuals who have paid more tax than they are actually required to. The IRS then returns this extra amount; however, those individuals who have not been assigned an ITIN number are not eligible to be paid back.
Benefits of an ITIN number
Tax returns are the only purpose for an ITIN number, so precisely speaking; you can say that getting your money back is the only benefit you get from an ITIN number. Apart from the tax returns, you might also be able to benefit from an ITIN number by having your name ranked among those who are in the IRS good books. The government appreciates law-abiding citizens.
ITIN Number Does Not Change Statuses
Those individuals who do not qualify for the SSN or were rejected and successfully get the ITIN number should know that this does not mean you have attained the status of a citizen or green card holder. Sometimes individuals are unaware of this and have the wrong intuition that their residential status may have changed. If your status is as a non-resident alien, you will remain a non-resident alien until you are not granted the relevant status from the concerned department of the government.
Applying for an ITIN Number is Important
It is good to obey the law and show the government that you care about the rules. Paying taxes is a duty which every earning individual in the United States has to do. Though, many are still unaware of what an ITIN number is and what an ITIN number does, it is always good to stay updated with such information.
ITIN Number Application
ITIN number can be applied for through a W-7 form. This form can be easily downloaded from the internet, or you can simply visit the official IRS website. Be sure to be accurate about all information before submitting the form and the required documents to the IRS. If assistance is required, you may take a visit to the nearest TAC agent.
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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.