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What is the ITIN number for?
What is the ITIN number for?

Benefits of the ITIN number

Laura avatar
Written by Laura
Updated over a week ago

Having an Individual Taxpayer Identification Number (ITIN) can offer several benefits. Some of them are:

Tax compliance: The ITIN allows individuals to meet their tax obligations with the Internal Revenue Service (Internal Revenue Service or IRS) of the United States. This includes filing tax returns and paying the appropriate taxes. It is a legal obligation for everyone who works in the country and generates any type of income to file a federal income tax return.

Obtaining tax credits: With an ITIN, individuals may be eligible to receive certain tax credits, such as the child tax credit or the earned income tax credit.

Obtaining a driver's license: In some states, undocumented tax filers can obtain a driver's license, and an ITIN number helps prove it.

Proving your residency: If you need to prove that you have lived for a certain amount of time in any State in the country, an ITIN number can provide you with that information. Keep in mind that proof of residency is different from a permanent resident card or "Green Card".

Establishing credit history: Having an ITIN can help establish a credit history in the United States, which can be important for obtaining credit in the future.

Applying for a credit card: Some banks allow foreigners to acquire a credit card with an ITIN, or their passport.

Buying a home or property: Normally, this process is easier with a social security number. But some banks and lenders accept the ITIN as one of the requirements to access this purchase, you must take into account that for this process you must follow certain special instructions.

Buying health insurance: This will depend on the laws of the state where you reside. Generally, in most states you can purchase health insurance without a social security number. However, an ITIN helps to prove your residency, which is a requirement when purchasing health insurance, and also serves to prove your identity.

Access to government services: An ITIN can allow individuals to access certain government services, such as enrollment in certain welfare programs.

Now that you know more about the ITIN number, what are you waiting for to start your application, at Maza we will be happy to assist you in this process, do not hesitate to contact us!

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