FTAX Blog Are you filing your taxes this year and need an ITIN number? You have numerous options in this regard. If you tax situation is simple, you have an average income level and are employed, you may be able to manage taxes by yourself. In this case, online tax preparation sites are a good choice for you. Without spending much, you will be over with taxes quickly.

Now what if your tax situation is so complex that you need to apply for an ITIN number? You have many investments, you own a home, fall in a high income bracket or you run your own business. In this case, you must appoint a reputed accountant, and let them deal with your taxes. They will assure that you are paying the least possible amounts this year, and will help you lower your tax bill even more next year.

So while visiting an accountant’s office, what should you take with you? Here are some documents which you must have with you.


Do you have a photo ID of yourself? A passport, driving license or military ID will be perfectly aright. Take this to your accountant’s office, along with your social security cards as well. Do you have dependants? Their social security cards will also be required, and if you are filing jointly, your spouse has to go with you with their ID and social security card. This is a must because both of you have to sign the tax from. Without this, the IRS is not going to accept your return.

Please note that if you are not eligible for Social security benefits, you will need an ITIN number or Individual Tax Identification Number to file your taxes. If your dependants also do not have a social security numbers, they must also have an ITIN number.

Proof of Income

How many sources of income do you have? The more these are, the more documents you will require. The IRS is not only interested in what your employer gives to you. They want details about other earnings as well which you generate from your hobby, a rental property or anything else. Depending on the source of your income, different tax rates are applied and some may not even be taxed.

A W-2 form which your employer will give to you serves as evidence of your income level. If you are self-employed, you will require a 1099-MISC form. If you have any income, you will need to give proof. Your accountant will guide you more about these.

Proof of Expenses

Your expenses can be used as deductions, but only when you have evidence. Charitable donations, expenses incurred while traveling for business, mortgage interest and contributions to retirement accounts are all deductible, but only if you have proper receipts that indicate you made these expenses.

ITIN Number W7 Form

This form is needed for only those individuals who do not have an ITIN number as yet and are not eligible for Social Security. You will have to submit this form along with your return.

Avoiding an IRS Audit

So you fear you are going to face an audit this year? If truth be said, there are very little chances of this, particularly if you fall in a low income bracket. Even if your income is higher, there are still about 3% chances, and you can do a lot of things to avoid this. For starters, hirer a reputed tax professional who can guide you and all the way through. And next, follow these tips and you will probably not facing any IRS audit this year, and for the next couple of years for that matter.

Be extremely carful

Do you know what makes the IRS single you out for an audit? Mistakes on your return form. The moment you mess up, and there, they catch you. Mistakes on your return can be numerous. Every year so many people enter wrong information. Your name spelling should be the same as given on your Social Security card and your number must be absolutely correct. If you are not eligible for social security, you have to enter your ITIN number. Make sure you are not shortening this by a digit for two,

And the same goes for your dependants. Their name, social security number or ITIN number must also be correct.

Especially when it comes to calculations

Care is not only for your personal details, it goes for math calculations as well. Use a software, and this will not be an issue, but you still will have to enter the numbers right. Is it just it? No, the numbers you enter must be exactly the same as given on your W2s and receipts. There must be no mistake of even one digit, or you will get IRS attention.

Do not show yourself as too rich

If your income is beyond $1 million, there are 6% chances of you facing an audit than when your income is less than $200,000. Point is do not inflate your income, and do enter the exact value. Should you do this, the IRS might want to take a closer look at you.

And neither as poor

Just as you should not show a high income level, you should not even show a deflated income amount. Yes, less taxes you will have to pay this way, but I if the IRS your income level is wrong, you are going to be in major trouble. How do you get out? Now is the time to prevent this from happening. So do no show a lower income level.

Deductions should be affordable

The IRS is smart. By knowing your income value, they can figure if you are claiming the right amount of deduction. As an example, if your income is $25,000, you probably will not be giving off $10,000 to charity, right? See our point? Avail no deductions until you have proof of them.

And choose the correct status

Your filing status be correct if you do want IRS’s laser on you.

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, Hunters Creek, Lake Nona, Celebration, Winter Park, Windermere, Dr. Phillips, Maitland, Altamonte Springs, Winter Garden, Ocoee, Apopka, Belle Isle, Edgewood, and Oakland 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 number, incorporations, and non profit 501c3 tax exempt.

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