Benefits of Getting an Individual Taxpayer Identification Number
Immigrating into a new country brings about new requirements that you must satisfy as an alien in the new place because there can be rules which are supposed to be followed strictly regarding your stay in that place for the period that you have planned. One such regulation is about paying the taxes according to the laws of that country which define the way immigrants should pay taxes depending on the income that you generate during the period when you plan to reside in the country while you accomplish your objectives. When you are an alien in another country, one thing that will help to keep you on the good books with the tax authorities is to have an individual taxpayer identification number (ITIN) that proves your participation in paying the taxes in the country.
When you want to get an ITIN, it is important that you find a reliable agency that can link you with the relevant documents from the revenue service provider of the country so that you can avoid problems with tax evasion that could face you if you do not comply. There are advantages when you acquired the ITIN from the revenue service provider on the country that you are living. First, it is possible to use the number for paying your alien taxes in the country before you can file the returns to indicate how much you have paid to the tax authorities so that you can have evidence of tax compliance to stay out of trouble. The number works for immigrants the same way the social security number does for citizens of the country because it can be provided to show that you are ready to pay taxes during your stay.
Secondly, having the ITIN means that you are eligible to be involved in various banking activities whereby you can receive money in your account, pay for particular goods and services from your account according to regulations. It is important to understand that all the processes that involve movement of money between your accounts are of interest from the government and you must comply with the regulations at all times so that there can be no interruptions from revenue authorities.
Thirdly, you can use the number for opening other accounts that involve online businesses and other money transfer requirements whereby you can be asked by the service providers to input the ITIN on the case you do not have a social security number to show. Another advantage is that the ITIN is useful when you are searching for a job because it can be included to make it easier for tax authorities to get salary information before deducting a percentage owed in taxes. Lastly the number is useful during the period of applying for a loan from a company because it can be necessary when they want their money back.