Did you know that there are three different types of tax ID numbers with the federal government in the USA?
That’s what we’re going to talk about in this video. Hello from Unique Tax Accounting. We’re an accounting firm where we have been providing quality tax and accounting services for over 20 years.
A lot of our clients here at Unique Tax Accounting don’t know that there are three different types of federal tax ID numbers in the United States. So the first tax ID number that you need to know is the social security number. Now the social security number is the federal tax ID number for a US citizen or a US resident. So if you are an individual that is a US citizen or US resident, maybe an individual that has a green card in the USA, you have a tax ID number assigned to you by the federal government, and that is your social security number. That is the first tax ID number that you should know about.
The second tax ID number that the federal government gives out in the USA is the EIN number.
The EIN number stands for employer identification number. The EIN number is a tax ID number that the federal government assigns to a business. So the same way that we as individuals have a tax ID number as a social security number, the businesses that are registered in the United States need a tax ID number from the federal government, and that is the EIN number.
And the third number that the federal government in the United States assigns is the ITIN number. Now, if you are a US foreign national, basically an individual that is not a US resident and not a US citizen, but you still have a tax filing requirement in the United States, the IRS assigns you an ITIN number. So this ITIN number is a very useful number for non-residents.
They can open up bank accounts, they can have credit cards, and they need to have an ITIN number to file taxes if they’re making income in the United States.
So there you have it. Those are the three tax ID numbers that the federal government in the United States has to assign to people or businesses.
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Remember that here at Unique Tax Accounting, we’re a full-service accounting firm where we can help you with your personal taxes, corporate taxes, opening up an LLC, tax planning, payroll, and bookkeeping, so we can help you in many ways. Contact us at +17169068976