Do I Need An ITIN?

Does the following apply to you? You do not have an SSN and are not eligible to obtain one, and You have a requirement to furnish a federal tax identification number or file a federal tax return, and You are in one of the following categories Nonresident alien who is required to file a U.S.…

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What Is ITIN Used For?

IRS issues ITINs to help individuals comply with the U.S. tax laws, and to provide a means to efficiently process and account for tax returns and payments for those not eligible for Social Security numbers. They are issued regardless of immigration status, because both resident and nonresident aliens may have a U.S. filing or reporting…

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Essential Difference Between SSN and ITIN

It is essential for most newcomers to know the difference between SSN (Social Security Number) and ITIN (Individual Taxpayer Identification Number). Just because they need to work, receive social security benefits, apply for bank accounts, file taxes and so on. You can do all these things with a national identification number like SSN or ITIN.…

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EIN and Business Credit Cards

Just as you can build credit for your SSN, your business can also build credit for its EIN. When done properly, your business can qualify for credit based on this EIN not needing your personal guarantee. So, think about like this: If you buy a car, it’s your choice whether or not you want to…

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Major Business Structures and Tax Basics

In the United States, there are several business structures. However, 4 of them are the most common structures that everyone should know. Those are: Sole Proprietorship Partnership Corporation Limited Liability Company (LLC) Sole Proprietorships According to the Internal Revenue Service (IRS), sole proprietorships are the most common business structures in the United States. Sole props…

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Who should apply for an ITIN?

We must say that regardless of immigration status, both resident and non-resident aliens may obtain ITINs. Who might need an ITIN? Let’s check below: –Non-U.S. residents who are in need of filing a tax return -Resident aliens who are required to file a tax return on the basis of the number of days they reside…

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ITIN Application: What is Form W-7?

Form W-7 is essential while applying for an IRS individual taxpayer identification number (ITIN).. An ITIN is a tax processing number issued by the Internal Revenue Service. It is being issued by the IRS to help individuals abide by the U.S. tax laws and account for tax returns and payments for those who are not…

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What happens if I lose my ITIN?

The IRS assigns Individual Taxpayer Identification Number (ITIN) to individuals who are needed to have U.S taxpayer identification number but who do not have and are not eligible to obtain, a Social Security number (SSN). Your ITIN helps you comply with the U.S. tax laws and accounts for tax returns and payments. Although this number…

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Do I need an EIN for Stripe?

If you have a sole proprietorship, you do not worry about having an EIN. You can skip that field when you activate your account in Stripe. However, we highly recommend you obtain an EIN. It will not take longer than 10 business days. We will keep in touch with you for every step. To use…

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When to obtain an EIN?

The Employer Identification Number (EIN), also known as the Federal Employer Identification Number is a nine-digit number issued by the Internal Revenue Service (IRS). It is assigned to business entities carrying out commercial activities within the United States. Obtaining an EIN is required for the recognition of the company and filing taxes. This number is…

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