It’s that time of the year again! Time to start preparing for your annual income tax return. Filing your taxes can be overwhelming, but it’s an important responsibility as a citizen. This year, the deadline for filing your income tax return in the Philippines is April 15, 2023. In this… Read MoreYour 2023 Guide to Master Annual Income Tax Return Filing in Under 5 Minutes
Hello, April! April is also one of the busiest months here at the Taxumo Headquarters. And, you probably know the reason why. Everyone’s scrambling and asking us how to prepare, file and pay for their Annual Income Tax. With this, to help you understand the 101s on filing your Annual… Read MoreHow to File Your Annual ITR (1701 or 1701A or 1700) Using Taxumo
As a freelancer starting out in the Philippines, it’s important to understand your financial responsibilities, including the monthly contributions to government-mandated programs like the Social Security System (SSS), Pag-IBIG Fund, and the Philippine Health Insurance Corporation (PhilHealth). To ensure accuracy, let’s refer to the latest information provided by the respective… Read MoreStarting Freelancing in 2023? Know Your Monthly Payments for SSS, PAG-IBIG, and PhilHealth
As a responsible Filipino taxpayer, it’s important to understand what to do once the tax season comes to an end. Completing certain tasks after filing your tax returns can help ensure compliance and maintain a smooth financial journey. In this blog, we will provide you with a post-tax season checklist,… Read MoreTax Season is Over, Now What? A Post-Tax Season Checklist for Filipino Taxpayers
Taking on freelance work is such an exciting venture. Not only does it increase your income potential but it also expands your skillset. We’ve talked to many freelancers, and most of them made a real sustainable career out of it. Here are some of the questions they wish they knew… Read MoreThinking of Taking on Freelance Work? These Are the Things You Need to Know to Get Started
First things first, congratulations! We salute you for thinking of expanding your income potential by starting a small business. There’s a lot of work that goes into running a business. But before you get to the nitty gritties of daily operations, let us equip you with the necessary pre-work to… Read MoreI Am an Online Seller. Is There a Way to Make Business 100% Legit?
So you’ve started your small business, you got the business name locked down, you got your branding on-point, what’s next? The next best step is to make your side hustle legit! This opens the doors for better opportunities with clients and access to government services designed to help freelancers. So… Read MoreI Accept Side Hustles, Gigs, Rakets. Do I Really Have Tax Obligations?
There’s a reason why professionals, sole proprietors, corporations love using Taxumo. Apart from being the most efficient online tax support system, Taxumo offers a whole lot of other features that make compliance management a seemingly easy task! Taxumo has many features that make it an excellent online tax platform. These… Read MoreYou’ve Been Sleeping On These Free Taxumo Features
Donations can help lower your taxes. This is because the Philippine tax code provides incentives for charitable giving through tax rebates. Here are the steps on how to avail the tax rebate via donations: Choose a qualified donee organization – To avail of the tax rebate, your donations must be… Read MoreDoing Good Is a Rewarding Experience. But, Did You Know It Can Also Help Lower Your Taxes?
Understanding the different types of taxes: In the Philippines, there are different types of taxes such as income tax, value-added tax (VAT), estate tax, and donor’s tax. Understanding these taxes and their corresponding rates can help you plan your finances better. Taxable income: Taxable income is the amount of income… Read MoreThese Are the Tax Tips You Wish
They Taught You in School
Starting a business can be exciting, but it can also be overwhelming, especially when it comes to registering your business in the Philippines. In this blog post, we will discuss the basics of business registration in the Philippines and provide reliable sources for more information. First and foremost, it’s essential… Read MoreIts 2023: Do You Still Need to Leave Your House to Register a Business?
The Bureau of Internal Revenue (BIR) requires individuals and businesses to file various tax forms throughout the year. The specific forms required to be filed will depend on a number of factors, including the type of taxpayer, the nature of their income, and the period being reported. For Q2 of… Read MoreThe Complete List of BIR Forms You Need to Know for the 2nd Quarter of 2023