Have you ever worked on websites like eBay or Amazon? Do you want to open a US bank account in dollars to get the best banking services? Do you wish you had a PayPal or US Stripe account?

If you do, you will need an Individual Taxpayer Identification Number (ITIN). This is a unique identification number for US taxpayers. It may seem confusing, but don’t worry. In this article, we will explain more about the ITIN and the services it offers. We will also show you the easiest way for individuals to get their own ITIN.

Get a cup of coffee and start reading this post now.

What is an ITIN ?

The US Individual Taxpayer Identification Number (ITIN) is similar to the Social Security Number (SSN) used by USs. It serves the same purpose and has 9 digits, like an SSN.

The ITIN is for non-residents in the United States who cannot get a Social Security Number. The US government uses the ITIN to figure out the tax status of the owner, especially if they are not a citizen of the United States.

Where Do You Go to Get an ITIN Number?

First, use the IRS’s Interactive Tax Assistant tool to see if you need an Individual Taxpayer Identification Number (ITIN). If you do, complete Form W-7, the application for an ITIN as we will describe later in this post.

To get an Individual Taxpayer Identification Number (ITIN), you can apply directly through the Internal Revenue Service (IRS). You can do this by filling out Form W-7 and submitting it along with supporting documents, such as a passport or birth certificate, to the IRS. You can also apply for an ITIN at authorized acceptance agents, which are designated by the IRS to help individuals get ITINs.

These agents can be found at certain colleges, universities, financial institutions, and other organizations that are authorized to assist with ITIN applications. You can find a list of authorized acceptance agents on the IRS website.

Why is this ITIN used? And why is it specific to non-US citizens?

In USA, there is a number called the Social Security Number (SSN) or Social Security Number, which is used by US citizens to track their taxes and deal with them. On the other hand, the Individual Taxpayer Identification Number (ITIN) is used as an alternative to the US Social Security Number (SSN).

What about non-US citizens who are required to pay taxes to the US government?

If there is a non-US citizen working in USA or has an US income source, they are required to pay taxes to the US government (this does not necessarily mean you are required to pay). In this case, you will need to obtain an US ITIN (Individual Taxpayer Identification Number) in order to interact with various entities such as the government, tax authorities, or financial services.

If you are working or have a business in the US, either on US soil or abroad, you will need an ITIN to complete your financial and banking transactions.

The importance of this tax identification number, issued by the IRS (Internal Revenue Service), is that it allows the US government to identify you and your various activities, and calculate the taxes you need to pay for the federal income tax.

There are four types of taxes in the United States:

  1. Franchise Tax: This is a fixed amount that is paid to the state in which your company is located, and the tax varies according to the laws of each state.
  2. Sales Tax: This is a tax imposed by the government on various services and products. In the case of the United States, it goes to the state in which the buyer resides. For example, the state of New Mexico has a zero tax rate, but in the state of Delaware, the tax rate is $300 per year.
  3. State Tax: This is a specific tax paid to the state in which you reside. If you have a business in a well-known state like New Mexico, Washington, Florida, or Texas, you do not need to file a tax return or pay any taxes.
  4. the Federal Income Tax, which is the most important tax that applies to us. It is a tax imposed by the United States on anyone who receives or earns income from the United States and its residents, regardless of where they live. It is collected by the IRS and requires an ITIN number to file a tax return.

In this article, we will provide detailed information about the benefits of obtaining this ITIN and the best way to obtain it through a service on Fiverr. So, continue reading.

What Benefits Can You Get From The ITIN?

There are many benefits you will receive after obtaining an US Individual Taxpayer Identification Number (ITIN), including:

  1. Creating a US bank account and credit card: Many freelancers face a major problem in opening a dollar bank account, as banks require proof of income and individual documentation, which does not align with the nature of freelance work. This is where the ITIN comes in to help you open a US account.
  2. Obtaining various types of loans from US banks: Using the ITIN, you can apply for various types of loans from US banks, such as car loans.
  3. Issuing some documents, such as a driver’s license in some US states: You can obtain a driver’s license in a number of US states using the ITIN.
  4. Reducing the percentage Amazon takes from your profits: You have surely heard of Amazon FBA, and how it is one of the best ways to make money online in recent years. Amazon typically takes 30% of your profits, but with an ITIN, you can significantly reduce this cut from Amazon, and you also need it for similar reasons for eBay.
  5. Creating a US PayPal account: If you want to open a PayPal account and do not have a US social security number SSN, it is impossible to open an account without an individual tax identification number ITIN.
  6. Creating a US Stripe account: Just as we talked about the US PayPal account that will benefit you greatly, Stripe may also require you to enter your SSN or ITIN.
  7. Obtaining an EIN: This is a tax identification number for businesses and companies, which may help if you have a business operating in the United States.

Who is Eligible to Apply for an ITIN?

Individuals who are not eligible to obtain a Social Security number and are required to file a tax return, claim a tax refund, or receive certain tax credits in the United States may be eligible to apply for an ITIN. This includes non-US residents, their spouses, and their dependents who are not eligible for a Social Security number.

Easiest way to get an ITIN Number.

There are several ways to get an ITIN. The most important are:

  • Obtain an ITIN from the US embassy in your country.
  • Obtain an ITIN through the IRS (Internal Revenue Service), which is a department of the US Treasury, through its authorized agents.

The first method – which we will not discuss in detail – is the most difficult and time-consuming, and has the lowest acceptance rate on the first try.

You will need to go to the embassy yourself and fill out a lot of paperwork – which will require a specialist or lawyer to help you with its complexity and complexity – in addition to obtaining several seals from government agencies, that is, dealing with the bureaucracy of government agencies.

For this reason, I believe that the first method is not practical at all, and does not represent more than a waste of time, effort and money compared to the second method.

The second method is completely online and allows you to get an ITIN number while sitting at home while specialists complete all the tasks and paperwork for you.

To get your ITIN, all you have to do is send them your clear papers, and they will do everything for you and make sure you get your ITIN as soon as possible.

I have obtained my ITIN by this Service – Cost: $280

Summary

At this time, with the difficulty of banking transactions in countries, many people turn to opening a US bank account in order to continue their businesses.

In this article, we explain to you how you can also do this by obtaining an Individual Taxpayer Identification Number (ITIN) for yourself, which you can use for various US and general foreign banking services.

At the end of the article, I hope you have benefited.

FAQs

What credit card can I get with an ITIN?

It may be harder to get a credit card with an Individual Taxpayer Identification Number (ITIN) compared to a Social Security Number (SSN). Some credit card issuers may accept applications from individuals with ITINs, but they may have stricter approval requirements or higher fees. Credit card options with an ITIN may have less favorable terms compared to those available to individuals with SSNs.

If you have an ITIN, you may have better luck applying with a credit card issuer that specializes in serving non-citizens or individuals without SSNs. However, it’s important to compare fees and terms before making a decision. You can also try building up your credit history with a secured credit card or by becoming an authorized user on someone else’s account before applying for a credit card.

Here a list of Credit Card issues that accept ITIN only:

  1. Capital One Platinum Credit Card
    • Pros: No annual or hidden fees, can help you build credit, $0 Fraud Liability, 24/7 online access, no credit rating needed.
    • Cons: 29.74% variable APR, average to limited credit needed.
  2. Capital One QuicksilverOne Cash Rewards Credit Card
    • Pros: Unlimited 1.5% cash back on all purchases, no expiration on rewards, can help you build credit, $0 Fraud Liability, up to 6 months of complimentary Uber One membership statement credits.
    • Cons: $39 annual fee, 29.74% variable APR, average to limited credit needed.
  3. Capital One Platinum Secured Credit Card
    • Pros: No annual or hidden fees, can help you build credit, $0 Fraud Liability, no credit rating needed, possibility of earning back security deposit as statement credit.
    • Cons: 29.74% variable APR, limited to bad credit needed.
  4. Capital One Spark Classic for Business
    • Pros: No annual fee, 1% cash back on all purchases, no expiration on rewards, no credit rating needed
    • Cons: 26.99% variable APR, bad credit needed.
  5. Capital One Spark Cash Select for Business
    • Pros: No annual fee, 1.5% cash back on all purchases, no expiration on rewards, no credit rating needed
    • Cons: 19.74% variable APR, average credit needed.
  6. Capital One Spark Miles Select for Business
    • Pros: No annual fee, 1.5 miles per dollar spent on all purchases, no expiration on rewards, no credit rating needed
    • Cons: 19.74% variable APR, average credit needed.

How long does it take to process an ITIN application?

The processing time for an ITIN application may vary, but it typically takes several weeks to several months. It is important to submit a complete and accurate application in order to avoid delays in processing.

Is there a fee for applying for an ITIN?

There is no fee for applying for an ITIN. However, you may need to pay a fee to obtain the required documentation, such as a passport or national identification card. You may also need to pay a fee to have your application certified by a designated acceptance agent or to have your application mailed to the IRS from a foreign country.

Can a person with ITIN number get the third stimulus check?

Individuals with ITINs can receive the third stimulus check. To be eligible, you must meet certain criteria set by the IRS, including having a valid SSN or ITIN, being a U.S. citizen or resident alien, and having a gross income below certain thresholds. You can check the status of your payment on the IRS Get My Payment tool and claim it on your 2021 tax return if you did not receive it. Check the IRS website for more information on eligibility and claiming the payment.

Can I apply for an ITIN online?

IF you are in USA. Yes, you can apply for an ITIN online using the IRS’s e-file system. To apply online, you will need to complete Form W-7 and gather all of the required documentation, including a valid passport or national identification card and any other supporting documents that may be required. Once you have completed Form W-7 and gathered all of the required documentation, you can submit your application electronically through the e-file system.

Can I apply for an ITIN on behalf of someone else?

Yes, you can apply for an ITIN on behalf of someone else, such as a dependent or spouse. To do so, you will need to complete Form W-7 and provide the required documentation on behalf of the individual for whom you are applying.

Can I use an ITIN to work in the United States?

No, an ITIN is not a work permit and does not entitle the holder to work in the United States. If you want to work in the United States, you will need to obtain a work visa or work permit.

Can I use an ITIN to get a driver’s license or a state identification card?

It depends on the state in which you live. Some states will allow you to use an ITIN to get a driver’s license or a state identification card, while others will not. You will need to check with the Department of Motor Vehicles in your state to determine whether you can use an ITIN to obtain a driver’s license or state identification card.

Can I get a fishing license with an ITIN?

You can often get a fishing license with an Individual Taxpayer Identification Number (ITIN) in many states. These states issue licenses to non-residents without requiring a Social Security Number (SSN). They may accept other forms of identification, like an ITIN, passport, or driver’s license.

To get a fishing license with an ITIN, check the requirements of the state where you want to fish. You can find this information on the state’s fish and wildlife agency or department of natural resources website or fishing.org. Some states may need additional documentation, like a passport or proof of residency, and a fee. It’s a good idea to check the fishing regulations of the state you plan to fish in, as they may vary and have different rules for non-residents.

Who has a valid tax reason to apply for an ITIN?

Individuals who are required to file a U.S. tax return but do not have a Social Security Number may need an ITIN. This includes non-resident aliens, foreign students, and dependents or spouses of U.S. citizens or resident aliens.

ITINs may also be needed by those receiving income from a U.S. source or those required to file a tax return to claim a tax treaty benefit. Check with the IRS or a tax professional if you are unsure if you need an ITIN.

Can I apply for LYFT & UBER with ITIN number?

It is possible to apply to drive for Lyft or Uber with an ITIN. These companies usually need a valid driver’s license and insurance, but not necessarily an SSN. However, requirements may vary by company. It’s a good idea to check with the specific requirements of the ride-sharing company you want to work for and to find out about their payment policies and any additional documentation needed before starting to drive.