A tax preparation business should add an ITIN number – individual tax identification number processing service to their business for immigrants living in the United States who are required to pay taxes. Adding this service will help them generate more profit and attract foreign nationals to their business. This service is beneficial for both the business and immigrants. Therefore, if you have a tax preparation business, then it’s vital you keep on reading to find out why an individual tax identification number processing service is important for your tax preparation business.
Learn About ITIN
A non-citizen wanting to file a U.S. tax return will want to register for an ITIN Number – individual tax identification number. Your tax preparation business can help them file for the ITIN. In addition, your business can help them file for home mortgage or establish business in the United States. Your business should also be aware of certain rights that ITIN number doesn’t offer foreign nationals:
- An ITIN number doesn’t allow individuals that are undocumented aliens to legally work in the United States.
- The ITIN should never be mistaken for a social security number.
- An ITIN cannot be used for business or corporate tax identification number.
Your tax preparation business should offer them an ITIN Number – individual tax identification number processing service, as they are required to be submitted along with their tax returns.
Why should Your Business offer ITIN services?
Offering ITIN service will help you expand your business by offering your existing and future customers with new services that they can acquire from your company. Even if a customer has a social security number, their significant other may not, which means that they would come to you to help them file a tax return and obtain an ITIN- individual tax identification number.
Moreover, the customer is also allowed to claim dependents residing in Canada, United States, or Mexico, but only if those dependents have an ITIN made. Providing this service to them will make them your life long customers because they need many years of tax preparation services. For instance, you have a customer who operates his own store, but hasn’t filed for tax returns for many years. They might come to you to help them sort out their taxes and file tax returns.
You will then file all the important paperwork related to ITIN applications, but you will file them manually and not via a computer. This process won’t cost you any additional fees from your software vendor. Furthermore, all the applications are filed in English and the ITIN filing process is very similar to the tax preparation process so you don’t need to learn anything new. However, you may want to hire people that speak the customer’s language. Knowing your customer’s language will help you convey important information to them regarding their filing and tax returns.
Through this service, your business is helping people get back their tax refunds that they normally wouldn’t get. If you want to learn more about ITIN services then you can look up online. There are sites that can help broaden your knowledge of ITIN and how you can integrate it into your tax preparation business.
If you need more information about our accounting and tax services, please contact us at 407-502-2400. Freedomtax Accounting’s staff has been providing honest accounting services and tax services for 15 years. Our Orlando accounting and tax firm has its main offices in Kissimmee, FL. Our services are provided nationwide, but mainly in the Central Florida market to areas like Orlando, South Orlando, Kissimmee, St. Cloud, Poinciana, Clermont, Davenport, and Hunters Creek, FL. Our tax accountants and IRS enrolled agents (irs ea) specialize in corporate accounting and bookkeeping, tax services, tax preparation, back taxes help, tax debt relief, tax resolution, tax planning, itin numbers, incorporations, and non profit 501c3 tax exempt status applications.