Well, this is one of the most commonly asked questions from our client’s side. So here are some important things about ITIN we feel you need to be aware of.
ITIN is the acronym of Individual Taxpayer Identification Number. Note that ITIN is vastly different from the identification number of employees. Employee Identification Number is widely used for filing company taxes. On the contrary, the ITIN is reserved exclusively for individuals and can be called as an equivalent of SSB. The people who reside in the US need an SSN which provides them with employment opportunities.
To be frank, an ITIN is for those who are in requirement of the US taxpayer ID. Here are some of the conditions in which they need an ITIN.
You have to file a tax return
You are the owner of a business or process credit cards
You are a dependent kid or a spouse who is not the citizen of the US
You possess tax filing obligation in the US
You are the owner of any sort of US trade or possess effectively connected income in the USA
You should note that the ITIN derivation process is not that simple. In case of queries, please contact us at the earliest.
