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Understanding EIN and ITIN

Where EIN refers to Employer Identification Number, ITIN stands for Individual Taxpayer Identification Number. Both the numbers are used for the filing of federal taxes or their extensions.
Issued by the IRS, EIN and ITIN are unique identifiers which provide the taxpayers with an identity reflected in the federal departments. EIN is used for business purposes by both US and non-US residents to keep their personal identities separated from professionals. On the other hand, ITIN is for individuals who have taxable income in the US and are mostly non-US residents.
Therefore, in order to start a business or to start your career in the USA, you must have an EIN or an ITIN, specifically when you are a non-resident. Let us explain the importance of EIN and ITIN separately for easy understanding.

Who needs it?

EIN is a tax ID number, specifically for the people operating their businesses in the US market. This means any business, whether it is into manufacturing, trading, sales, import exports or anything, needs to get an EIN.
It doesn’t matter if you are a sole proprietor, a partnership firm, an LLC or a freelancer, having an EIN provides you with a unique identity which helps you in keeping your personal away from your professional. With an EIN, all the information related to intra and interstate transactions can be brought together in one place and streamlined thereon.

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Why is it important to have an Obtaining EIN number? Why is it important to have an Obtaining ITIN number?
With an EIN, you can get the following benefits:

1.    Can separate personal and professional accounts

2.    Can open a business bank account

3.    Can hire employees

4.    Can maintain limited liability preserved

5.    Can keep their SSN and identity secured

 An ITIN allows you to:

1.    File federal tax returns and extensions

2.    Open a US bank account

3.    Get your PayPal, Stripe, etc, accounts

4.    Apply for an online business account

5.    Get credit score benefits

Why choose us?

Unlike any other ITIN provider, you absolutely don’t ship any documents to our US office. We’re the only ones who can do it all online. This helps us in making the process of filing for an EIN/ITIN easier.

How?

Well, because the process of application and submission takes place in-house, we can provide you with:

  • A timely turnaround
  • Experts to answer your queries
  • Quick Review of your documents
  • Help regarding the online verification process
  • Certificate and EIN/ITIN application to IRS