According to IRS – TIN is A (Taxpayer Identification Number) used by the Internal Revenue Service (IRS) in the administration of tax laws. TINs are issued by the IRS.
It can be used in place of a SSN for your business to file taxes, if in fact you do not have a Social Security Number. It has 9 digits and can be issued to non us residents or a green card holder (resident alien). For more information about what to use an ITIN for please visit IRS.
Please be advised that you should seek a professional agent particularly an IRS authorized agent CAA in helping you file your ITIN. You can also solicit help from an IRS Taxpayer Assistant Center to assist you in apply for your ITIN. It should not cost more then $50 to $75 dollars to apply through a private entity. However if you do it yourself or use the above IRS mentioned agents it’s absolutely free. But you will have to pay to mail it at the post office. There are a few things you will need to bring to your agent to file your ITIN.
Have your documents ready (you need one of any of these items):
Government issued ID that are approved by IRS:
- Passport (stand-alone document) *
- National identification card (must show photo, name, current address, date of birth, and expiration date)
- U.S. driver’s license
- Civil birth certificate (required for dependents under 18 years of age)
- Foreign driver’s license
- U.S. state identification card
- Foreign voter’s registration card
- U.S. military identification card
- Foreign military identification card
- Visa
- U.S. Citizenship and Immigration Services (USCIS) photo identification
- Medical records (dependents only – under 6)
- School records (dependents only – under 14, under 18 if a student)
You will need to complete IRS application for individual taxpayer identification number. Please click this link to download Form w-7. Your agent should attach your federal income tax return to the Form W-7 as well or if you choose you can file it out yourself (not recommended) and mail in your application. You should get the documents mailed immediately. It takes about 7 – 14 weeks before you receive your ITIN or longer if it’s tax season.
Once you have received your ITIN go ahead and file your Article of Organization (LLC). You should receive this within 7 business days. Followed by this you need your EIN or as I like to call it business ID.
Now that you have all your documents in hand go ahead and sign up for a bank account. Chase Bank and TD Bank are my all time favorite. Each bank is different and you will need to provide all the documents that they require.
Basic requirements for a business bank account: TD Bank
If you choose to open the account online, you’ll need the following: As Posted from TD Bank
- Fictitious name/assumed name/DBA/trade name certificate or registration
- Chapter and Bylaws of Association or copy of minutes of last meeting with new elected officers
- Partnership Banking Agreement
“During online account opening, less documents are required as we gather documentation on your behalf to help confirm your business before we open your account.”
For an in-person account opening, you’ll need the following documents if applicable:
- Fictitious name/assumed name/DBA/trade name certificate or registration
- Chapter and Bylaws of Association or copy of minutes of last meeting with new elected officers
- Partnership Banking Agreement
- Document used to form and register your business; e.g., Articles of Incorporation/Organization, Certificate of Good Standing
- Board of Directors Resolution/Bylaws
- LLC Operating Agreement
Use your mobile phone’s camera to capture document image or upload a PDF when you open your account online. If you open at a TD Bank, bring copies of your documents.
Basic requirements for a business bank account: Chase Bank
If you choose to open the account online, you’ll need the following: As Posted from Chase Bank
Personal Identification:
- Two forms of ID are required. One ID must be a Government Issued ID.
- Primary ID Examples:
- U.S. Citizens: State Issued Driver’s License, State Issued ID card, Passport, etc.
- Non U.S. Citizens:
- Permanent Residents:
- Permanent Resident Alien Card (Green Card), State Issued Drivers licenses, State Issued ID card, Passport, etc.
- Non-Permanent Residents:
- Passport, Matricula, or U.S. Employment Authorization Card
- Secondary ID Examples:
- Credit Card/Debit Card with embossed name, Employer ID, Utility Bill, etc.
- Proof of address or date of birth may be required. Additional forms of ID may be required for Non-U.S. Citizens.
Tax Identification Number:
- SSN, ITIN (Non-US Citizens), or an Employer Identification Number (EIN) is required.
Business Documentation:
- Varies based on the State of Organization.
Assumed Name Certificate:
- May be required if your business is operating with a DBA (doing business as). For example: Jim Jones DBA Jones Professional Painting.
- Not required in HI, KS, MS, NM, WI and WY
- Note: Assumed Name Certificate may also be known as: Trade Name Certificate, Fictitious Business Name Statement, or DBA
- Trust Documentation
What to do next?
Use this post to help you along the way in accomplishing all your tasks to get your business up and running. Additionally, you can checkout my Business Starter Checklist Ebook to provide you with a comprehensive guide and ensure you don’t miss any crucial steps in establishing your business successfully.
What does my Business Starter Checklist Ebook covers?
- How To Name Your Business( choosing the right business name for your brand)
- How to niche down and find your winning niche
- Creating a problem solving product (if you choose a trending product or not)
- A FREE Vendor
- A Dropshipping Company source to use
- Branding ( Choosing your color)
- Creating a worded logo
- Soft Launch and Marketing Checklist
Starting a business can be overwhelming, but having the right tools can make all the difference. My ebook, Business Starter Checklist Ebook is your go-to guide for choosing a powerful business name that resonates with your brand. It walks you through finding your perfect niche, whether you’re creating a unique product or tapping into a trend. Plus, you’ll get access to a free vendor and a reliable dropshipping company to streamline your operations. Learn the essentials of branding, from selecting your brand colors to designing a compelling logo. Finally, our soft launch and marketing checklist ensures you’re fully prepared to introduce your business to the world. This ebook simplifies each step, helping you build a strong foundation for success.
RECAP:
A Taxpayer Identification Number (ITIN) is used by the IRS for tax administration and can substitute for a Social Security Number (SSN) for businesses without one.
While the SSA issues SSNs, the IRS issues other TINs, including to non-residents or green card holders. To apply for an Individual Taxpayer Identification Number (ITIN), it is advisable to seek help from an IRS-authorized agent or an IRS Taxpayer Assistance Center.
Necessary documents include a government-issued ID and a completed Form W-7, accompanied by a federal income tax return. The processing time is about 7-14 weeks. After receiving an ITIN, you can open a bank account at institutions like Chase or TD Bank, which have specific document requirements.
This guide aims to streamline your process for obtaining an ITIN and setting up a business bank account.
Additional Resources
Is EIN FREE? – Employer Identification Number
Get your Taxpayer Identification Number To Represent Your Business
*Disclosure: I recommend only products I would personally use, and all opinions expressed here are my own. This post may contain affiliate links, through which I may earn a small commission at no additional cost to you.
