If you’re in the process of applying for an ITIN, one of the most important things you can do to protect yourself is to be vigilant about tax scams. Here are a few tips on how to stay safe while applying for your ITIN.
Know the Purpose of an ITIN
The first step in protecting yourself when applying for an ITIN is to know the purpose of an ITIN. An ITIN is a nine-digit number that the IRS issues to individuals who are not eligible for a Social Security Number but need to file a federal tax return. An ITIN does not entitle the holder to work in the United States or claim federal benefits.
The second step in protecting yourself when applying for an ITIN is to be aware of the requirements for application. The IRS requires that applicants provide proof of foreign status and identification. Applicants must also have a valid reason for needing an ITIN, such as filing a federal tax return.
The third step in protecting yourself when applying for an ITIN is to use a trustworthy tax preparer.
Forming a professional corporation is often the natural next step for people who are hoping to achieve their dreams and become their own boss in whatever field they work in. Forming a professional corporation and officially incorporating is possible for almost any profession ranging from accountants, lawyers, healthcare professionals, etc. However, each state in the U.S. has different laws and regulations regarding who can form a professional corporation and how it must be done.
At Mollaei Law, we are intimately familiar with the ins and outs of forming a professional corporation and all the advantages that come along with it. In this article, we go over all the advantages that you can expect once you form your own professional corporation. If you are interested in learning more about incorporating or are hoping to form your own professional corporation, don’t hesitate to email us at firstname.lastname@example.org or book a consultation call at https://calendly.com/mollaeilawconsultation/professional-corp to get the process started.
Professional Corporation Advantage #1: Limited Personal Liability
As a professional social worker, it’s likely you’ve thought to yourself at some point about starting a private practice. This is a career aspiration for many social workers who are passionate about what they do. As the owner of a social work practice, you’ll have much more agency to make decisions related to your work life and can allow you to make important decisions for your business that reflect your values.
The decision to start a social work private practice can be a lot of work and making sure your practice is set up for success can be difficult. However, owning your own social work practice can also be one of the most rewarding things you do in your life. It can also be challenging to navigate the ins and outs of what your private practice can look like.
At Mollaei Law, we are highly experienced in helping social workers establish their private practice in a way that reflects their wants and needs. If you are considering starting your own social work private practice, don’t hesitate to email us at email@example.com or book a consultation call at https://calendly.com/mollaeilawconsultation/professional-corp to get the process started.
Once you’ve graduated medical school or begun working as a physician, you might come to realize that your aspirations reach beyond your current circumstances and that you wish to start your own physician corporation.
Starting your own medical practice or physician corporation can be an incredibly exciting path that allows you to take the practice of medicine into your own hands and develop a culture in your practice that reflects your values.
However, starting your own physician corporation can be complicated and time consuming. At Mollaei Law, we help guide the process of establishing your own medical corporation by assisting to develop detailed plans and schedules to ensure that every necessary step is taken. Below, we detail the 5 key steps to creating your own physician corporation. Don’t hesitate to email us at firstname.lastname@example.org or book a consultation call at https://calendly.com/mollaeilawconsultation/professional-corp to start the process of building your Physician Corporation.
Step 1: Establish your Physician Incorporation
Develop Business Plan for Physician Corporation
One of the most important steps when establishing your own physician corporation is to develop a business plan.