ITIN Number stands for Individual Taxpayer Identification Number which indicates the tax processing number.
It has been issued by the IRS which is the International Revenue Service. This number is unique for every person and always begins with a 9. It is specified with a 7 or 8 for its fourth digit and it is a 9-digit number. The IRS allots this number to individuals and people who are not eligible to get this number assigned to them can instead, get an SSN which is a Social Security Number.
The use of ITIN Number
This number is used for federal tax reporting. It cannot be used for any other purpose and it is solely concerned with the tax system. It is in compliance with the tax laws. Tax preparers have an ITIN Number which allows them to account for and process payments and tax returns. This number is assigned to people including immigrants to ensure that they pay their taxes. This is the way that the federal government earns its income and the ITIN Number ensures it.
This number cannot be used in cases of work authorization or to prove someone’s legal presence. It can be used only in cases of tax processing. To build the tax base, ITIN Number allows more and more people to pay.
If you have an ITIN Number, then you must know the following:
1. You are not eligible for Child Tax Credit.
2. You will not be receiving the same benefits as a U.S citizen and other taxpayers will be receiving
3. You cannot use this as your work authorization number.
4. It does not give you a legal immigration status.
Applications of ITIN
ITIN is a number which can serve a lot of purposes in the tax system. Let us take a look at the applications.
1. As a person who is not eligible to have an SSN can have an ITIN Number. This allows the person to open interest-bearing accounts.
2. The tax laws differ from state to state. In some states, the ITIN Number can be used instead of an SSN for getting driver’s license. It can also be used for state identification card or driver’s permit.
3. ITIN Number can be used for the purpose of proving the term of stay of a person. How long someone has been staying in the state can be proved using the tax return filed. However, you must know that the IRS does not share your private information with any source. It has been specifically designed only to serve the purpose of tax payment.
Our online tax software gives you the most accurate return and the largest possible refund you are entitled to receive. If there is an error in the preparation of your return that results in penalties and interest, we will reimburse you for the associated penalty and interest initially assessed
Our returns have significantly increased since filing with M&M Tax Group. Other franchise Tax Services never took the time to look at all our options to make sure we were getting all credits that applied to us. With you, I have the comfort and confidence that I am taken care of even though I know you are very busy, but you still take the time to cover all bases to help us get the refund we truly have coming
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