FAQ > What are the advantages of obtaining an ITIN?
If you are a resident in the United States as a foreigner, getting an ITIN is crucial. Like all U.S. citizens need a Social Security number (SSN) to work, pay taxes, and open financial accounts, you need an ITIN for the same purposes. This is how having an ITIN will benefit you.
Working and Paying Taxes
When applying for a job in the U.S., the employer may ask you to obtain an SSN or ITIN. If you already have an ITIN, you will be able to provide it immediately and start working quickly. You will also be able to file tax returns with ease. The IRS requires all U.S. workers to have taxpayer identification numbers. When you apply for an ITIN online, you can meet all the eligibility requirements to work and pay taxes in the U.S. In addition, you need an ITIN if you ever want to start your own business in the United States.
Opening Financial Accounts and Obtaining Loans
If you are going to live and work in the U.S. on a long-term basis, you will eventually want to open one or all of the following:
- Bank accounts (checking or savings)
- Credit cards
- Loans (personal, auto or mortgage)
When you follow all the W7 instructions and get your ITIN, you will be able to perform all these tasks. This will help you build a secure financial future in this country. Having your own U.S. bank accounts and building a credit history will give you the financial security you need to succeed in a new country.
Getting the Tax Credit for Children
If you have children, you will want to get an ITIN for them too. When you follow the ITIN instructions for your dependents, you may be able to get a child tax credit, which will reduce your tax burden.
The ITIN online application
Here at ITIN W-7 Application, we want to make sure you enjoy these benefits. You can get all the forms you need and check the status of your ITIN online at any time.