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Categories: General Tax Terms

Taxpayer Identification Number (TIN)

A Taxpayer Identification Number (TIN) is a unique identification number assigned to individuals and businesses for the purpose of tax reporting and identification by the Internal Revenue Service (IRS). TINs are used in various tax-related documents and serve to track taxpayer obligations and payments.

There are several types of TINs, including:

  1. Social Security Number (SSN): Issued to individuals, primarily for personal tax reporting.
  2. Employer Identification Number (EIN): Assigned to businesses, corporations, and certain other entities for business tax reporting purposes.
  3. Individual Taxpayer Identification Number (ITIN): Provided to individuals who are not eligible for an SSN but need a number for tax purposes, often used by non-resident aliens.

Each type of TIN serves to ensure accurate tracking of tax obligations and helps prevent identity theft in the tax system.

Related Articles:
  • Glossary: Backup Withholding
    Backup Withholding is like a safety net for the IRS! When you're not providing your correct Tax ID, they hold back a portion of your payments to ensure taxes get paid. It's a cheerful nudge to keep you on track!
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