The Ultimate Guide For An ITIN Renewal

ITIN renewal is a necessary process done for many people every year.

The process is actually quite simple. Just gather your documents and head to your nearest IRS office. With a few steps, you can have your ITIN renewed and be on your way. We know that dealing with tax-related paperwork can be daunting, but we're here to make it as easy as possible for you. Here's what you need to know about ITIN renewal. Learn everything you need to have your ITIN number

When Does Your ITIN Expire?

The best way to determine if your ITIN number is no longer working is to contact the IRS. They will be able to tell you if your number is still valid or not. You can also check the expiration date of your ITIN card. Likewise, the ITIN is valid for three years from the date of assignment, so if you have not used your ITIN in the last three years to file a US federal tax return, it may not work anymore. If your ITIN has expired, you should receive a notification from the IRS, but don't wait for it. You can start the renewal process as soon as you determine that your ITIN has expired. Follow this diagram to determine if your ITIN expired:

How To Renew ITIN Number

To begin the ITIN renewal process, complete form W-7. Follow the instructions when filling out the form. We recommend you print a copy of the instructions or view them when completing Form W-7. Make sure to check the box at the top right of the form that you are renewing an existing ITIN. It’s also important to answer the “reason you’re submitting Form W-7.” Take time to complete each form line before moving on to the next section. You will avoid making costly errors that could delay processing your ITIN renewal. If you need help completing the form, you can use the services of an Acceptance Agent (AA) or a Certifying Acceptance Agent (CAA). This individual will also sign the form below where you sign as the applicant. Allow up to 7 weeks to hear back from the IRS regarding your ITIN renewal application status. It takes 9-11 weeks when you apply during IRS’s peak season (January 15 – April 30).

Documents for ITIN renewal

You will need to send required support documents to establish your foreign status with identification documents like a passport, USCIS photo ID, US State Department Visa, birth certificate, US driver’s license, etc. Renew in person at designated IRS Taxpayer Assistance Centers or mail your W-7 and supporting documents to one of the two addresses listed in the instructions.

When and who must renew the ITIN?

You will need to file a new Form W-7 and attach all required documentation if:

• You have a name change
• You have lost your original ITIN
• You have not used your ITIN on a tax return for the last three years
• You are a victim of identity theft

ITIN renewal cost

The cost of renewing your ITIN will depend on a few factors, including the reason for renewal. For example, if you are renewing your ITIN because it has expired, the processing fee is $50. If you renew your ITIN because you have not used it in the past three years, the processing fee is $30. Visit the IRS website for ITIN renewal fees and the required documentation.

How Long Does ITIN Renewal Take?

The renewal process for an ITIN can take up to several weeks, depending on the specific circumstances. The Internal Revenue Service (IRS) typically processes ITIN renewal applications within 6-8 weeks, although it can take longer during peak periods. Therefore, planning ahead and submitting your renewal application as early as possible is important. You can check the status of your application online at the IRS website. Sometimes, the IRS may require additional documentation or information before processing your renewal.

Additional Benefits of an ITIN

Having a valid ITIN enables the IRS to process the tax refund of money you overpaid. Your business can always use an extra surge of cash toward expenses and improvements or deposit to your business savings account. Also, an ITIN number allows you to claim tax deductions and credits for which you may be eligible, such as the Child Tax Credit, American Opportunity Tax Credit, and other tax benefits. Aside from those benefits, an ITIN enables you to apply for business checking and savings accounts. Furthermore, some states accept an ITIN to qualify for a driver’s license or state identification card. Immigrants can prove how long they’ve been in the United States by submitting copies of filed tax returns using an ITIN. Another huge plus for having an ITIN is that some lenders and banks will require an ITIN instead of a Social Security Number to apply for a business loan. You may be surprised to learn how easy it can be to obtain financing. Just so you know, Camino Financial is one of those lenders that offer financial assistance to business owners that don’t have an SSN. Not only that, our loan process is quick, easy, and transparent. We provide personalized service, don’t require collateral to secure your loan, and work with you to graduate to a second loan after making timely payments for 12 months. Discover which loans you can obtain with an ITIN number

Make Sure Your ITIN Didn’t Expire

As you can see, keeping your ITIN current has many advantages. An ITIN is a valuable tool in your box of business owner treasures. However, it’s not just a tax number to file tax returns. Having one opens up many doors for your small business. One of those doorways is gaining access to finances to grow your business. Think about the importance of having extra money to purchase equipment, supplement your cash flow, or hire more staff. Why not request a quote to see if you qualify for a business loan? All we need from you is your ITIN to advance your business. So, don’t delay getting an ITIN or renewing the one you already have.