The ITIN number has been used in the USA since 1996. If you are required to file a federal income tax return, whether you live in the United States or not, you have to obtain a number according to the ITIN application. This process is kept independent of immigration status. Obtaining an ITIN does not only entitle you to earn income and work in the United States. If you want to establish an LLC (Limited Liability Company) company, you should get this number. In short, it is important for LLC company owners to have an ITIN number.
What Should I Do For ITIN Application?
You can apply for an ITIN number at any time of the year. Consulting companies that perform the necessary procedures for the ITIN application on your behalf make your work easier. In this way, you can more easily handle the application processes that seem complicated for your commercial and legal activities in the USA. Meanwhile, the IRS does not accept your electronic application for an ITIN number.
You should start your application process first by obtaining a W-7 form from the IRS. Completely fill out the W-7 form. Submit your passport or your foreign status document to the IRS with the W-7 form. It is very important that your documents have not expired. In fact, before 2012 it was enough to send a notarized copy of your passport. However, it is necessary to send the original of your passport, which has not lost its validity today.
If you have a plan to travel to the USA, you can apply for an ITIN number by making an appointment with the IRS. In this way, the problem of proving your own authenticity will also be eliminated. In addition, you do not need to send the original documents such as your passport. Your application result is sent to the address you specify on the form.
How Can I Get My ITIN Number Quickly?
In the past, it could take 10 or 12 weeks for your number to be sent after the application was finalized. Today, ITIN application period takes up to 8 weeks on average. So getting your ITIN number is faster. If you have submitted all your documents in full and they decide that you meet the IRS requirements, you will be notified of your application result in 7 or 8 weeks. Your total application process will take 16 weeks.
If getting an ITIN number seems complicated to you, let us explain an easy and fast way to get it. In order for your ITIN application to be concluded quickly, we recommend that you seek support from companies that provide consultancy on this subject.
Where Can I Use ITIN Number?
You can use the ITIN number when buying and selling vehicles in the USA. Also, this number is useful for buying and selling a house or renting a house. Use your ITIN number when purchasing a credit card and for your bank transactions. This number will come in handy for paying your company taxes. You can also get a driver’s license with an ITIN number in some states. Finally, according ITIN application, use this number to take advantage of the dependent tax deduction.
However, your ITIN number does not provide you with the benefits of a social security number. Because of that the ITIN number is not required to obtain the right to work or to benefit from social security benefits. The procedure for such rights is different.
As a result, if you apply with support from a consultancy firm, it is sufficient to send these information and documents to the consultancy firm instead of sending your original documents to the IRS. This will make the ITIN application process faster. The consulting firm can also apply for an ITIN on your behalf through a power of attorney.