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TAX ID (Individual Taxpayer Identification Number) questions answered.

Updated: Aug 14, 2023

what is an individual taxpayer identification number An Individual Taxpayer Identification Number (ITIN) is a tax processing number that is issued by the Internal Revenue Service (IRS) to individuals who are required to have a U.S. taxpayer identification number but are not eligible to obtain a Social Security number (SSN).

Advantages of a tax individual taxpayer identification number If you're a non-resident or foreign national working in the United States, obtaining an Individual Taxpayer Identification Number (ITIN) can provide a number of advantages. Here are a few:

  • Compliance: If you earn income in the US, it's important to comply with US tax laws. An ITIN allows you to do so, even if you don't have a Social Security number.

  • Tax Returns: With an ITIN, you can file your tax returns and claim any refunds that you're entitled to.

  • Opening a US Bank Account: Many banks require a tax identification number to open an account. By obtaining an ITIN, you can open a bank account and manage your finances more easily.

  • Business Activities: If you plan to start a business in the US, you'll need an ITIN to apply for any necessary licenses or permits.

  • Building Credit History: Having an ITIN allows you to start building a credit history in the US, which can be important for obtaining loans or credit cards in the future.

Overall, obtaining an ITIN can provide numerous benefits for non-residents or foreign nationals working in the US.

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