If you are in the US and have taxation requirements, and do not have a Social Security Number – you need to have an ITIN. ITIN is what would identify you as a taxpayer – the Individual Taxpayer Identification Number. However, the ITIN is likely to be disqualified or expire if it is not used for taxation purposes consecutively for three years. How would you renew your ITIN Number? Let us explain it in the following paragraphs.
How To Renew ITIN Easily?
Are you checking out how to apply for ITIN or how to renew your ITIN? Well, the procedure involves submitting multiple forms of identification and around a fortnight’s processing time.
Manage Your Documents
The documentation required for applying or renewing ITIN needs a host of documents as a proof of identity and immigration status. You would need to submit documents that provide clear identity and foreign status for you and your dependents. The list of documents can be obtained from the IRS website or though the assistance agents.
Submit the Application
Submit the documents along with IRS W7 Form and your tax returns to IRS. You can do so through multiple options. You may either mail the application or send them through the designated third party services. In fact, the concept will take around 14 weeks for completion.
Who Need To Get ITIN?
If you are someone who has a working visa in the US or does a business in the states, but cannot apply for Social Security Number – may need to apply for tax., you should opt for ITIN. In fact, you may need to apply for ITIN for your dependents as well. This will ensure that you will not end up paying more tax than you actually need to pay.
In fact, you should file for ITIN well in advance. The best time for applying for ITIN should be around June. Given the fact that the time taken for the completion of your application is around 14 weeks, applying well in advance in the best you can do. This will help you not to lose out on the tax returns or tax rebates.
Opt for An Assistance Agent For Your Needs
The Assistance Agents or CAA as they are called are authorised agents who help you ease out the tasks involved in preparing the documents and submitting your application. In fact, opting for the CCA will aid you in getting your documents verified. This will ensure that there would be lesser chances of your application getting rejected. It will ensure that you won’t need to submit your original documents to IRS.
In Conclusion
Well, we assume that the information provided here should have provided you a complete idea on how to apply for renewal of your ITIN. In fact, the procedure should completely be the same for applying for a new ITIN as well.
Ensure that you have taken note of all the requirements before submitting your application so that there won’t be any issues as such. That is exactly why we have been stressing on the need for opting for a document preparation firm.