UPDATE! BIR recently released a new portal to submit your AFS submissions online! Woot! Kudos to you, BIR! Here’s a quick run through of the new AFS eSubmission Portal aka eAFS: How to submit attachments to Annual ITR using eAFS It’s that time of the year! Tax Filing Season! Time… Read MoreSubmitting your Annual ITR – How to and Attachments
Hi, everyone! We just want to make a quick announcement. As most of you would know, the Annual Income Tax Return Deadline for 2018 (previous year) will be on April 15. Taxumo’s deadline is earlier and our deadline will be on April 10. As of now, we are still waiting… Read MoreFile and Pay your Income Tax Return for 2018 (1701) via Taxumo!
Whether you’re a freelancer or a business owner, obtaining a BIR registration certificate is a must for you. Also known as BIR Form 2303 and Certificate of Registration (COR), this type of document gives you the legal rights to operate your business in the Philippines. All professionals licensed by the Philippine… Read MoreBIR Certificate of Registration Guide: What is Form 2303 and Why Do You Need It?
What are the different kinds of withholding tax in the Philippines? Withholding tax on compensation Expanded withholding tax Final withholding tax Many Filipinos receive huge help from tax calculators in the Philippines. These tools allow them to correctly compute the taxes they owe the government. But only a few… Read MoreGain an Understanding of the Different Withholding Taxes
What can you expect from the Train Law Package 2? Decrease corporate income tax Regulate fiscal incentives Attract better and high-quality opportunities It hasn’t been that long since the first package of the current administration’s Comprehensive Tax Reform Program (CTRP) was passed into law. The Tax Reform for Acceleration… Read MoreTRABAHO: Train Law Package 2 and Its Expected Effects
What mistakes should be avoided when filing freelance taxes in the Philippines? Presenting incomplete and incorrect data Miscalculating the tax due Not declaring every income earned Missing the deadline Filing taxes as a freelancer in the Philippines can be difficult and confusing. Plus, the introduction of the TRAIN law certainly doesn’t help… Read MoreTax Filing 101: 4 Mistakes You Shouldn’t Make
As a freelancer or a sole proprietor, filing BIR forms and settling your taxes is your responsibility.
Knowing the right forms to secure and when they should be filed will save you from a lot of stress and penalties. So for today’s post, we’re giving you the ultimate list of BIR forms that every taxpayer should know.
Here we go.
Read MoreA Comprehensive Guide to BIR Forms for Freelancers and Sole Proprietors
The Tax Reform for Acceleration and Inclusion (more popularly known as TRAIN, less popularly known as RA No. 10963) has been signed. This has opened up more options for Individuals, SME’s, Professionals, and Freelancers when it comes to paying taxes. TRAIN’s New Tax Option In particular, TRAIN gives us a… Read MoreTRAIN’s New 8% Tax – Does it really save you money?
The BMBE Law (Barangay Micro Business Enterprise) (copy of the law here) has certainly come a long way.
If you had applied for it in 2013, you might have encountered staff and officers at the municipal hall’s business permits and licensing office blankly wondering what the heck are you applying for.
But now, it’s one of the first things small-scale entrepreneurs ask about.
There’s plenty of information online about the BMBE Law nowadays, so I won’t write anymore about the stuff you’ll find rewritten in various forms all over the Internet.
Instead, let’s talk about the nitty-gritties of the BMBE Law—the stuff you seldom hear about.
Read MoreWhat You Need to Hear About the BMBE Law
How withholding tax feels like, sometimes: someone taking a bite out of your favorite doughnut before you can eat it. (Then again, lessening calories can be good for you.)
If you’re a freelancer with local clients, you must be familiar with withholding tax.
Simply put, it’s the amount of money that your client deducts from the amount you’re supposed to receive. So if you’re expecting, say, Php 3,000, you might end up getting Php 2,700 instead.
Where did that missing Php 300 go?
It went to your withholding tax.