ITIN (Individual Taxpayer Identification Number) is a tax processing number issued by the Internal Revenue Service (IRS) for non-resident and resident aliens who are not eligible for a Social Security Number (SSN) but need to file a US tax return. Some of the benefits of having an ITIN include:
- Ability to file US tax returns: ITIN enables non-residents to file US tax returns and report their income to the IRS.
- Compliance with US tax laws: ITIN helps non-residents comply with US tax laws and avoid penalties for failing to file taxes.
- Eligibility for certain tax credits: Non-residents with ITIN may be eligible for certain tax credits, such as the Child Tax Credit or the American Opportunity Tax Credit, which can result in a lower tax liability or a refund.
- Ability to claim dependents: Non-residents with ITIN can claim dependents on their US tax returns, which may result in a lower tax liability.
- Access to US financial services: Having an ITIN may also make it easier for non-residents to open a bank account or apply for a loan in the US.
Overall, ITIN provides non-residents with a way to comply with US tax laws and access certain financial benefits while they are in the country.
To get your own ITIN, you can contact us.