Living life in New York City without a Social Security Number (SSN) is difficult, but filing for an Individual Taxpayer Identification Number (ITIN) can open new doors for you and your family. However, an ITIN is more than just a 9-digit number; it’s an IRS tax processing number. It was created to help individuals to file their taxes. Many families in The Bronx, regardless of immigration status, use ITINs to file taxes & access numerous benefits.
Here’s are 5 Reasons You Should Apply for an ITIN:
- File Your Taxes: Anyone who makes money in the United States, even folks who receive cash, is responsible for filing their taxes every year. Applying for an ITIN requires a W-7 application and a completed tax return. We know this can be difficult for some to complete, so we offer free tax filing services. Learn more here.
- Take Advantage of the Child Tax Credit: The Child Tax Credit is available for individuals with children who have social security numbers who are 17 years old or younger. With an ITIN, you can file for taxes and automatically qualify to receive money for your children no matter your immigration status. That means if you’re not filing your taxes, you could be missing out on up to $3600 of free money for your family!
- Open a Bank Account: Many people think they cannot open a bank account without a social security number, but this isn’t true. With an ITIN, you can open checking and savings accounts. In addition, a bank account can make it easier to track your money and access services that require you to have a debit card. The pandemic has shown us how hard it can be to live without a bank account; many stores went completely cashless as a part of their COVID safety rules. Our partners at Spring Bank can help you open a bank account with your IITN.
- Build Your Credit Score: Achieving your financial goals requires a credit history in the United States. From buying a car to signing off on a mortgage for a new home, all of it requires credit history and a healthy credit score. An ITIN allows you to open a credit card or apply for a loan.
- Show Your Paper Trail: Applying for an ITIN can serve as proof of living in The United States. A tax return can quickly provide proof of address and show that you contribute to the economy by working and paying taxes.
How We Can Help
We want you and your family to have a successful life and build long-term wealth, which is why we offer various free resources. However, we know that without an ITIN, you could be missing out on many resources. So get on track and file an ITIN today. Whether you need help applying, filing your taxes, or tracking your finances, we are here for you. Call us today at 718-690-9873 to schedule an appointment with one of our financial counselors to get started. For more on ITIN, visit the IRS website.