Finance Tech

Owning a home is a major milestone that you should certainly celebrate, however it does add some stress to your life. A home comes with many costs such as mortgage payments, utility bills, homeowner’s insurance and many more. All these costs can really add up over time, meaning you may have to switch your lifestyle to one that is more financially responsible. Being financially responsible isn’t as difficult as people make it seem, all it really requires is some planning and a few steps. Once you get into the routine and build good financial habits, the process becomes extremely easy. So how exactly can you become financially responsible as a homeowner?

Have A Stable Income

This may seem like a basic answer, but having a stable income is actually the first step in becoming a financially responsible homeowner. You can’t be financially responsible without actual finances. That’s why it is important to secure a stable income that is steady and pays well. The vast majority of the time this will take the form of a job, but it could come from other sources as well. The size of your income is important, but perhaps just as important is the income’s stability. You don’t want to be constantly worrying about whether or not you’ll get paid, so ensure that your income has a set schedule. Once you have your income secured, you can begin taking other steps towards becoming more financially responsible.

Budget Your Funds

Perhaps the best way to be financially responsible is to learn how to properly budget your funds and save money. You can have a large income, but if you don’t know how to properly use it without wasting it then you’re not very financially responsible. Budgeting your funds is a complex time-consuming process, but it is well worth it in the long run. You will know exactly where your money is going, and you’ll be able to dictate how much you spend in each area. Properly budgeting your funds can ensure that you spend less money in unimportant areas and dedicate more resources to the areas that you value. It is recommended that any homeowner that is looking to become more financially responsible learn how to properly budget funds.

Invest In Your Future

One of the more interesting ways to be financially responsible and earn more money is through investing. Investing is an interesting concept, as it can actually cost you money if you aren’t careful. However, if done correctly and responsibly, you can earn a lot of money. The concept of investing is simple, you take your excess spending cash and use it in certain areas that you expect to see growth. If your investment is wise, whatever you invested in will grow and you will receive your investment back and more. However, if you wrongly place your investment then you can lose all the money you put toward it. Do your research and invest wisely, and you could earn a large supplemental income.

Don’t Fall In Debt

One of the worst ways you can be financially irresponsible is by taking on too much debt. Debt is an absolute financial killer if you’re not careful, and has ruined many people’s finances in the past. The difficult thing about debt is that it is so easy to rack up, but yet so difficult to pay back. Interest payments will likely haunt you for years if you fall into too much debt, and these payments can really restrict your financial freedom. Many people today enter the workforce with a tremendous amount of debt from student loans, making it even more important that you manage your debt. You can do this by monitoring credit cards and loans. Hopefully, you used a mortgage estimator before you purchased your home, and you didn’t take out too large of a mortgage. A general rule of thumb is to never borrow anything that you know you’re going to struggle to pay back. In addition, when you do borrow you should pay close attention to the interest rate as you don’t want those interest payments to cost you an arm and a leg.

 

BVRating.com, a leading website for consumer reviews and ratings across numerous industries, recently announced plans to expand their coverage. Starting this Quarter, visitors to the consumer reports website will have the opportunity to browse through new tech and financial ratings to help make a smart, informed decision on which companies to work with for their respective industries.

Over the last few years, BV Rating has continually added more and more new information on growing consumer industries that are requested by consumers to review. The goal has always been to be a premier one-stop solution for people who want the truth about companies before working with them.

The New Tech and Financial Ratings

The two new categories for ratings have been in high demand, after the Brightstar Corp. nomination that was announced here at Reuters.com a large influx from companies looking for new ratings and reviews has sprung up. So the opportunity to finally release them to the public excites BV Rating. Here is a closer look at those two broad categories, and what people should expect.

Tech

The first category covers technology firms that provide cyber security and cloud computing services. It is becoming increasingly important for companies to take cyber security very seriously. In a matter of seconds, hackers can compromise a company, accessing important information and doing thousands if not millions of dollars in damages.

All ratings that will appear on BV Rating for cyber security will be thoroughly reviewed so consumers will know their success rate, their cost, how trustworthy they are as a company, and more. Cyber security should never be left to chance with a subpar company sporting a shaky reputation.

Cloud computing services are also very important for companies to streamline everything in their business as much as possible. By using the cloud, it makes it easier for businesses to grow and stay in touch without being in the same office. All services are accessible over the Internet, and as long as it is set up securely, it’s extremely beneficial. In today’s world, most businesses can benefit from cloud computing services.

Financial

The major financial category set to release soon on BV Rating is a complete breakdown of financial services firms focused on consumer credit card debt. It is important to have all of these companies reviewed with great detail, because making the wrong choice can lead to some pretty tough situations for people already in financial trouble.

Credit card debt continues to be a serious problem for many, and it can seem nearly impossible to turn things around. Some quality financial companies have the customer’s best interests in mind, but there are also plenty of scams out there as well. BV Rating looks at the most popular options, and who can benefit most from them.

Many of these companies offer additional financial services as well for people who might be struggling. If they are trustworthy in helping with credit card debt, it can be a lasting relationship between business and client for years to come with other financial issues come up.

Expect Consistent Updates

Once released, both categories will continue to receive updates, just like all existing categories on the website. New businesses are forming all the time, and scandals that break as well. No one wants outdated information when they are looking for the right company now.

Customers are also encouraged to reach out to BV Rating at any time for additional assistance, or any further explanation. Ultimately, the website continues to strive to not only have tons of reviews and customer feedback posts, but the most up-to-date website as well.

When Will The New Ratings Release?

The new ratings will release in the next few weeks on the website. Viewers will be able to read all the information in the new categories right away. For more information, feel free to email the BV Rating team at any time.

 

Credit card debt relief offers a reduction in credit card interest rates, or in some cases, includes eliminating a portion of the balance on a credit card. The point of credit card relief is to make credit card debt easier to pay and to save money, but what’s the right debt relief option for you? The good news is that you have several debt relief options to choose from. The bad news is that if you make the wrong choice you could end up in worse financial shape in the end. After reading this article you’ll have a clear understanding of what your options are and what your best solution is.

Credit card relief can be achieved through a multitude of ways, including by utilizing a debt settlement program or obtaining a loan. According to Bankrate.com, “Americans’ tappable equity — the amount they’re able to draw in cash from increased home values — jumped by $380 billion (7 percent) in the first quarter to $5.8 trillion”. Source: https://www.bankrate.com/mortgages/home-equity/americans-have-record-home-equity/

What this means is that many Americans have the debt relief option available to borrow from the equity on their home, taking out a HELOC (Home Equity Line of Credit) to pay off their credit cards. Relief can be achieved with this HELOC option, but you’d be swapping your unsecured debt for secured debt, putting your home at risk over credit card debt. Is it worth it? Not if you can avoid this! The benefit of consolidating credit cards with a HELOC is that you can replace your high interest credit card payments with one low interest and low payment HELOC payment. But what happens if you lose your job in three years and can no longer afford your HELOC payments? Yeah, you could lose your home over credit card debt!

Credit card consolidation loans can be obtained through a bank, debt relief company or a lending institution, which may offer you a better solution than a HELOC, but before deciding let’s take a closer look at credit card debt relief programs.

Debt relief programs, like debt settlement, could reduce the balances on a credit card debt.

The main downside to debt settlement is that a credit card settlement would hurt a person’s credit score by up to 200 points, due to the debtor having to go delinquent on monthly payments.

Why do banks agree to a settlement? Banks give up on collecting on the debt after 4-6 months of not getting paid anything. The bank will then write the debt off as an uncollectible debt, where they then get reimbursed 100% of the money owed through a tax credit, banking insurance will then pay the bank additional money, and to top it off the bank will get extra profit byselling the account to a collection agency. Collection agencies only pay 10-20% of the balance on a debt to purchase it,(which is pure profit to the bank). The debt collection company is then willing to settle a debt for around half, but to them they are earning more than 100% profit. Everybody comes out on top with a debt settlement credit card relief program, but this option is only for a debtor that’s already had their credit score negatively affected.

If you have a 700+ credit score, taking a 200 point hit can make debt settlement – not worth it! Is your credit score under 700? In this case debt settlement could be your best option. But before settling a debt, consider debt validation.

Debt Validation is the Best Way to Achieve Credit Card Debt Relief if Accounts are in Collection Status

At this point you have nothing to lose. You can use debt validation before settling your debt because there’s a chance you could save more money and get the debt off your credit report. Validation plans include a money-back guarantee, so what do you have to lose?

In 2019, debt validation programs are now also available. These plans will dispute the debt collection account by forcing the collection agencies to prove that they have complete and accurate records that they are required by federal laws to maintain. In many cases the collection agency can’t prove the debt is valid, resulting in the consumer not having to pay the debt. In some cases, debt validation can even lead to the account coming off the consumer’s credit report entirely. For this reason, many debt validation programs will even include credit restoration and a money-back guarantee. You’d be surprised, but in most cases a collection agency can’t prove the debt is valid. If you think about it, that does make sense. Banks carelessly sell credit card debts after getting reimbursed 100% of the money owed, so they don’t take the time to transfer complete and accurate records. Also, debt validation disputes the amount that the collection agency claims a person owes. The collection agency must then prove the balance is accurate, but they can’t because it’s not accurate. The consumer never agreed to all the late and collection fees, along with any other unauthorized fees that have been added in.

Debt Relief programs come with benefits and downsides. It’s important to understand the pros and cons of each option before making a financial decision about which program to join.

Why Choose a Debt Relief Program to Resolve Credit Card Debt?

• Pay less than the full amount owed or pay nothing in some cases after debt validation
• Have an attorney provide you FDCPA and lawsuit defense, along with putting a stop to creditor harassment
• Make a single monthly payment for all your debts
• Become debt free in 24-48 months on average

Downsides to All Credit Card Debt Relief Programs

• Credit scores are negatively affected and derogatory marks can get inflicted on credit reports
• Not all clients will successfully make it through a debt relief program
• A person could owe taxes on the amount saved with debt settlement
• The biggest downside is that you could get sued for not paying your bills in full every month, but if this worst case scenario occurs the debt can still get settled for less than the full amount owed (lawsuits are only an issue if they don’t get responded to, but many credit card lawsuits can get dismissed because they are flawed, inaccurate and even fraudulent)

Credit card consolidation mainly involves taking you out a single personal loan for paying off existing credit card debt. You can consolidate credit cards with a balance transfer card, home equity line of credit or a personal loan. You will need a high credit score to qualify for debt consolidation. Low-interest loans require at least a 700-credit score. If your credit score is under 700 do not apply for a debt consolidation loan because this could lead you deeper into debt.

If you get a loan with bad credit you’ll pay the highest possible interest rates, loan origination fees and all types of unnecessary charges may get added in, resulting in your debt becoming more expensive than it was.

The only time you should get loan with bad credit is if the purpose of the loan is to help you improve your credit score. Paying back a loan offers an excellent way to establish positive payment history and improve a person’s credit score.

Benefits of debt consolidation for credit card relief

• Improve credit scores
• Consolidate payments into one
• Reduce interest rates

Downsides of debt consolidation loans for credit card relief

• Minimal savings, as you are only saving money on the interest (also, don’t forget to incorporate the debt consolidation loan’s fees)
• Balance transfer cards offer you a short timeframe to repay the debt, and if you fail to repay the debt within this introductory-rate period the interest rate shoots back up!
• Home equity loans that are used to pay off high credit card debt are swapping your unsecured debts with a secured debt, putting your property at risk!
• On average, debt consolidation keeps you in debt for 5-7 years (the average debt repayment period)

If you are looking for financial advice or assistance with credit card debt relief or debt consolidation, call Golden Financial Services today at (866)-376-9846 or info@goldenfs.org.

 

There are ample ways available to solve debt problems, including:

1) the debt snowball method if you want to remain current on payments and improve your credit score (the #1 rated do-it-yourself debt relief solution)

2) debt settlement if you are behind on payments and need a monthly payment that is smaller than minimum payments on your own

3) debt consolidation if you have a high credit score and can comfortably afford to pay minimum payments or more

4) debt validation for credit cards in collection status, possibly resulting in you not having to pay the debt and getting it removed from credit reports

5) consumer credit counseling to reduce credit card interest rates, consolidating credit cards into one payment

6) bankruptcy, if none of the above debt-relief options work and you can’t afford any type of monthly payment or are on the urge of having your home foreclosed on

Owe above $10,000 in credit card debt? Debt Relief programs can reduce the amount you owe and in some cases, allow you to walk away from a debt without paying. No income, debt relief through bankruptcy may be a viable solution.

No matter what your financial situation looks like today, you can quickly turn things around. When it comes to debt relief solutions, they are developed to aid you in getting out of your debt quickly. The question is – what’s the right debt relief, settlement or consolidation plan for you? Is bankruptcy your only debt relief option? Let’s take a closer look!

Bankruptcy

The truth is, only file for bankruptcy if you can qualify for chapter 7 bankruptcy where your debt could get wiped away. Chapter 7 bankruptcy (liquidation) is a highly-preferred bankruptcy form that can erase debt and unsecured medical debt as well as personal loans. This process is performed within a few months.

Don’t let a bankruptcy lawyer recommend chapter 13 bankruptcy, as you have better options available. With chapter 13 bankruptcy you’ll get locked into a 5-year monthly payment plan that costs you as much or more than debt settlement. At least with debt settlement, you can become debt-free in 42 months or less and avoid having a bankruptcy on your credit report.

If you are on the urge of having your property foreclosed on, in that case, chapter 13 could save your home and be your best solution. To be eligible for chapter 7 bankruptcy, you will first need to meet with a non-profit credit counseling company.

Consumer Credit Counseling

Consumer credit counseling companies will try to reduce your interest rates and keep you out of bankruptcy. If you can’t afford consumer credit counseling, the credit counselor will provide you a certificate for bankruptcy. This certificate shows that you do qualify for bankruptcy and will help you become eligible for chapter 7. Make sure to speak with a certified and licensed consumer credit counseling company.

If you fail to become qualified for a chapter 7 bankruptcy, you can consider other options at that point.

Consolidation loans

Debt consolidation loans are only for individuals with a high credit score. If you apply for debt consolidation with bad credit, prepare for getting high-interest rates that could put you even deeper into debt.

With an excellent credit score, you can qualify for the lowest-interest loan, and you can use the funds from the loan to pay off your high-interest debt balances. You can even consolidate your debt with a low interest and payment home equity line of credit, or a balance transfer card in some cases.

Debt consolidation leaves just the loan amount to repay.

Debt Consolidation makes it easier to repay your debt because everything is consolidated into a single monthly payment.

One last tip to consider:

After paying off credit card bills with a consolidation loan, don’t close-out the accounts. Keep the accounts open so that your credit utilization ratio improves, and so will your credit score. The biggest mistake consumers make when using a consolidation loan to pay off debt, is that they close out the accounts after paying off each debt, hurting their credit scores.

Debt Settlement Vs. Debt Validation  

Companies like Freedom Debt Relief and National Debt Relief offer debt settlement programs. These are two of the larger debt relief companies in the nation. However, what these companies fail to provide is a debt validation option. The truth is, debt validation programs can be less expensive than debt settlement and result in the debt coming off a person’s credit report entirely. Debt validation disputes the debt, resulting in it becoming legally uncollectible, where it no longer needs to get paid and cannot legally remain on credit reports.

Golden Financial Services recommends debt validation over debt settlement. Only if a debt is proven to be valid, then Golden Financial Services will recommend debt settlement but with a reputable attorney.

The reason GFS utilizes attorneys’ to settle debt is that creditors must direct all communication to the attorney, helping consumers get relief from debt collection harassment. Also, attorneys’ can file for a lawsuit against a credit card company if they violate a person’s consumer rights, under laws like the FDCPA and FCRA.

Debt settlement programs negotiate a payoff on unsecured debt, that can reduce the balance by up to 50%, before debt settlement company fees. In the end, consumers only end up paying about 70% of their debt when having it settled, including debt settlement attorney fees.

Important factors to consider

• Make sure the company is highly rated by the Better Business Bureau and has favorable online reviews
• Try to use the debt snowball or avalanche method (do it yourself options), before resulting to bankruptcy or a debt relief program
• Understand the benefits and downsides of each debt relief program before joining.

If you are looking for financial advice or assistance with credit card debt relief or debt consolidation, call Golden Financial Services today at (866)-376-9846 or info@goldenfs.org.

 

 

If you are a small business owner, you probably would have started with a great business idea that you thought had heaps of potential to do well in the market. You decided to run with it and launched your own business. It took you some time to arrange the funds needed, and once it was done, you probably thought it was going to be smooth sailing from thereon. What you didn’t anticipate was how challenging it could be to manage the finances of a small business once it was off the ground and running.

According to research, only half of small businesses survive past their initial five years, the reason being the early-year-challenges. Mismanagement of business finances, whether it is due to failure to plan and set budgets, lack of proper accounting systems and procedures or unrealistic expectations related to revenues and costs, are too common in small businesses and leading causes of downfall.

However, if you are ready to study the financial mistakes made by many new entrepreneurs and learn the tricks of financial management for a small business, you can ensure your business takes good care of its money and survives in an already challenging and unpredictable economy. Here are some of the top tips to help you have a safe sailing.

Start with Sufficient Capital – When estimating the funds needed to launch a business, many entrepreneurs only take into consideration the initial cost of setting up, i.e. the cost of acquiring office space, machinery, and furniture. But what you also need is business expenses for the first six months, as you need to give the business some time to stand on its feet. Not a lot of entrepreneurs are lucky enough to start making profits during early days of their business, therefore you should always have a practical plan in place.

Cut Costs Where Possible – For a small business, even small amounts of overspending can have a significant adverse impact on its finances. Therefore, do not be shy to start small and keep spending to a minimum especially in the early years. Remember, the money you save now will help ensure your survival when the odds are not in your favor.

Cost-cutting is possible in several areas:

• Save office rent by starting your business from home or small office space. You can always move to bigger premises once your business can afford it.
• Limit your marketing budget by focusing solely on your target market. Avoid any fancy business cards or expensive marketing, which will cost more than the benefits it can bring for the business. Take advantage of social media marketing – it costs little (or even nothing depending on how you choose to market yourself) and has excellent customer outreach.
• Start with a small workforce – hire the people you need but outsource services to a third party as and when required, such as legal and tax advisory, IT support, etc.
• Lease equipment instead of purchasing it – you can get the machinery you need without having to pay the high initial cost.

Analyze Your ROI – When you look everywhere for small business tips, the most common advice you will find would be to keep the costs down. It is imperative to consider the Return on Investment when deciding which expenditure is worth incurring and which isn’t. A small business with limited funds has to ensure that the money available to it is getting used in areas where you can generate maximum return. If some projects are not paying off, it may be best to shut them down and redirect resources to initiatives that can create better returns for the business.

Look for Growth Opportunities – As a small business owner, the thought of growing the business can sometimes feel like an intimidating idea. The areas like funds sources, smooth business processes, dealing with the increased cost of operations are likely to put you in a fix at some point in time.

Growth is vital for the long-term success of the business. Customers appreciate variety in products and winning customer services and after-sales services. Employees benefit from career advancement opportunities, and the company itself benefits from increased profits and better brand image. Growth helps move the business forward in the right direction if adequately managed.

Seek Finance before You Get into Trouble – Small businesses often wake up from the slumber only after they find themselves in a spot of bother. Unfortunately, this is when you are most likely to have your loan application rejected. When a lender is presented with poor financial statements of a small business with no prior track record, all they see is a high possibility of losing their money if they choose to lend to your business. Some form of external finance should always be available to the business, such as a line of credit for emergencies or a loan option in case a growth opportunity comes by.

Conclusion

To sum up, if you want your small business to survive, the finance function should be considered an integral part of the company’s strategy. Only when you learn to understand your numbers will you be able to ensure your business survives and grows at the right speed.

 

Trading and investing in multiple shares have always been an outstanding way of generating instant profits. Yes, there are risks involved, but if you are ready to take those risks there are multiple rewards that come with it. In other words, the trade market is based on a simple principle of ‘risk and reward’, the higher the risk, the larger are the chances for a reward.

Trading Internationally

If we give a holistic view on the kinds of trades there are out there, among the leading ones is forex.

Forex

There are forex trading companies around the globe that help individuals trade in foreign currencies. Obviously, trading in something like this requires a lot of practice, knowledge and ample understanding of the global market. This kind of trade heavily relies on the foreign currencies and the risk to reward ratio in such trades in generally exceptionally high. There are no certain law prevention in any major countries that don’t allow an individual to trade in forex, so that is good news.

Bitcoin

Bitcoin or cryptocurrency has been highly popularized in recent years. And since it’s inception, trading in bitcoin has seen a tremendous hike in past few years. Since it is completely digitized there is a lot of computing knowledge that goes into trading in bitcoins. Simple gains can take anywhere between a few months to a couple of years. There are a lot of individuals who do bitcoin mining and trading individually which can be really consuming.

But, for people who have a fair amount of knowledge of bitcoins and are willing to invest, there are several companies in various countries that can help them out. It is worth mentioning that this kind of trade is not accepted by a lot of countries.

Which is better?

Obviously, it has to come down to forex vs bitcoin. Both have fair share of rewards and risks attached to them. Both are not restricted to a country or region but depend on changes in the global market. While there are only a limited amount of bitcoins surfing through the systems, forex trades also have probabilities of crash depending upon the type of trade. There is no one answer as to which one of the two will bring more rewards to the table but generally, a seasonal trader would mostly go with forex trading. Why? Because it is more open to trade and growing or falling, forex trading has been around for years.

Now, if you are someone who is looking to invest, it is beneficial to choose the right kind of investment company. A company that assists you with your investments rather than falsifying and leading you into a path of loss. Hence, to protect your money and time, be very careful while choosing your trading company. Go though the programs of these companies and check how genuine they are. Once you have done that, go invest. But keep in mind the risk to reward probability. Higher the risk better are the rewards.

 

You may have heard of a trading journal. This is where day traders track their trading activity. It is one of the most important things you can do as a trader. Trading is not just a bit of fun – it’s a job, and because of that, you need to track your performance so that you can make changes if necessary. Even if you’re tired or stressed after a long day of trading, it’s important not to become careless or complacent, and to spend the time filling your trading journal.

How to Track Your Trades

Tracking your trades may seem like a daunting process. You may even feel like it will take your time and attention away from trading and could lead to you missing the right trades. The good news is that a trading journal doesn’t need to be time-consuming, especially these days. Certainly, you can write in a journal in the old-fashioned way with notes and comments and if that works for you, it’s perfect. But, there are other effective ways to store information that are quicker.

Set Up a Spreadsheet

This may take a little time to set up, but once it’s organized, it’s just a matter of plugging in the information. Have a different column for each bit of information – date, time, price, profit or loss etc – and input the information as it becomes available. Make sure to include notes on the side, even down to noting if you were feeling ill that day! At the end of the day, you’ll be able to go through every trade you made to see how you performed over that day, week or month. With a lot of trades, this sort of manual tracking may become difficult, but some trading platforms may have this information stored for you so that you can simply download the data onto your own spreadsheet. You can then add comments and notes to describe the market conditions at the times of the trades.

Create Charts

This might sound complicated, but it’s actually probably the quickest and simplest way for you to track your trades. Most traders have charts which they mark throughout the day, which include lines and indicator levels, and are used to help them determine trends and find target points. You can use these exact charts for your tracking. Even better, these charts show the market conditions being traded in a more objective way than comments in a journal could. You can just take a screenshot of these charts and type up a few comments on the side.

Conclusion

Keeping track of your trades can be a simple and quick exercise, but one that is very important if you want to become a successful trader. Whatever method you use to track your trades, you need to go back at the end of the week, and the month to analyze your trades. This will help you see patterns, determine your strengths and weaknesses, and spot common problems. It is only by using this information that you will be able to improve your trading strategies and remove your obstacles to success.

An individual who is a foreign national or non-resident alien and is not eligible for a Social Security Number, but is required to have a United States taxpayer identification number (but who do not have), and is not eligible to obtain a Social Security Number (SSN) has to apply for an ITIN or an Individual Tax Identification Number. An ITIN is a tax processing number that is issued by the Inland Revenue Service. An ITIN is nine digits and the first digit will always be the number “9”, and is in the format xxx-xx-xxxx.

An Individual Tax Identification Number is issued regardless of immigration status because both resident and non-resident aliens may have a United States filing or reporting requirement under the Internal Revenue Service Code. You will need to apply for an ITIN if you are one of the following:

• You are not eligible to obtain a Social Security number.
• You are a non-resident alien who is required to file a United States tax return with the Inland Revenue Service.
• You are a United States resident alien who is filing a United States tax return with the Inland Revenue Service.
• You are a dependent or a spouse of a United States citizen or resident alien.
• You are a dependent or a spouse of a non-resident alien visa holder.

Individuals who applied and obtained an Employment Authorization Document (EAD) from the United States Citizenship and Immigration Services (USCIS) are eligible to apply for an SSN by submitting Form SS-5. This is only applicable for those who have been issued a Visa from the United States Department of State that enabled them to obtain a Social Security Number.

To apply for an ITIN, an individual with a foreign status should complete the W7 Form, Application for Inland Revenue Service individual Taxpayer Identification Number. The completed W-7 Form must be accompanied by the following documentation:

• An original United States Federal income tax return.
• Your passport.

Form W-7 is to be filed with the federal income tax return and is attached to the front of the income tax return. You can file Form W-7 either by mail to the branch of the IRS or apply in person at a designated IRS Taxpayer Assistance Center (TAC). The ITIN application usually takes within 7 weeks for the Inland Revenue Service to process and to send out the assigned ITIN to the applicant.