How TaxumoMD Can Help Medical Professionals File Taxes

By October 29, 2018Blog

Spend more quality time with your loved ones by letting TaxumoMD do the dreading tax filing procedure for you. Want to know about TaxumoMD and how it can ease your tax worries? Keep reading to know more about its benefits. 

We’ve often talked about the difficulties of filing taxes. The extensive paperwork and the tedious filing process can consume much of your time, which you are supposed to allot in practicing your profession. This was made more complicated by  the changes in taxation and the overwhelming applications you can use to make it easier to compute like a tax calculator in the Philippines. This is true for every field of work and profession, including those in the health industry.

Medical professionals, doctors in particular, also stress and worry about taxes. Not only because the whole process is so difficult to understand and follow, but also because they have so much on their plate.

Add to that the fact that the Philippines recently enacted new tax laws, which are still subject to revision. As busy as they are, doctors simply cannot keep up with all these changes.

For this reason, we’ve created TaxumoMD – an online tax filing software that is tailored specifically for medical professionals. TaxumoMD is capable of doing a lot of things beyond filing taxes.

We’re going to further explain the benefits of using TaxumoMD, along with the many tax filing difficulties that MDs face. So stick around to find out more!

The Difficulties That Medical Professionals Face When Filing Taxes

We’ll start with the difficulties that these medical professionals face when it comes to taxation:

Mountains of Paperwork

Doctors often take on so many jobs at once. They can be residents at private or government agencies while running their own practices on the side. On top of this, it is still possible for them to earn additional income through fieldwork and other professional engagements. It may not be applicable to all, but them having a mixed-income is another reason why tax filing is so difficult.

Lucky are those who only work for agencies because their employers do all the tax filing for them. And so they need not worry about filing taxes.

Unfortunately, medical practitioners who earn a mixed-income have to shoulder their tax filings. They have to fill out form after form and keep track of every peso they earn through their professional engagements. This is to make sure that their computation is accurate. However, doing so inevitably leaves them with mountains of documents that they have to go through during the tax season. And this can be very stressful and draining to even just think about.

Lack of Time

As said in the previous point, doctors often take on a lot of jobs and end up with a lot on their plates. There’s nothing that can be done about this because that’s just how doctors operate. It is in their very nature to help and to heal! They do all this despite knowing that they’re going to have lesser time to spend for their loved ones.

Whatever amount of free time they have is already heavily divided between their families, friends, and themselves. They also have to take care of their business (if they have one), improve their skills, and attend seminars and conferences in order to keep their license.

With all of these on their minds, there’s simply no more room to squeeze in tax computations and tax filing.

Aside from having no extra time for taxes, they don’t necessarily want to spend what little free time they have buried under a mountain of paperwork. They deserve to enjoy these moments and spend their hard-earned money doing things they love – and taking care of taxes is definitely at the very bottom of that list.

Changes in Tax Law

Tax laws don’t change that often but the Philippines’ underwent huge ones at the beginning of the year due to the implementation of the TRAIN law.

Every type of employee is affected by these tax changes and medical professionals are no exception. Though adjusting the law every few years or so can be helpful, it can be detrimental if these changes are not made clear.

As difficult as it is to admit, that is what happened in our case. To this day, many are still confused about what the implementation of the TRAIN law entails and how it affects their taxes.

It’s not because of lack of interest that this occurred, but because of lack of information and, at the same time, access to it. Not everyone has the extra time to research about the matter to study and analyze each provision. And doctors can be included in this demographic.

 

Let Taxumo assist you in filing your taxes!

 

The Benefits of Using TaxumoMD

In order to relieve them of this heavy burden, medical professionals can make use of TaxumoMD. It can take care of all things tax-related and so much more!

Here’s a list of what TaxumoMD can offer:

  • Annual ITR preparation and filing
  • Tax form filing and submission
  • Business registration and renewal
  • Automatic income and expense encoding
  • Automated bookkeeping
  • License renewals
  • PhilHealth accreditation
  • Voluntary contributions to government agencies
  • Application for certificate of good standing, and
  • Online payment remittance and other convenient methods

Through the use of TaxumoMD, medical professionals won’t ever have to stress and worry about taxes ever again.

On top of that, they can handle other things such as license renewals, business registrations, accreditations, applications, and more using this amazing software! It can also help them keep track of their income and expenses so they can save and budget their money accordingly.

Key Takeaway

An online tax calculator in the Philippines can make tax filing easy, but as a medical professional, you may want to depend on something more reliable and in line with your job like TaxumoMD.

By using this, you can get rid of the tax-shaped rock that is weighing you down and focus on more important things like treating the sick and taking care of yourself and your loved ones.

All your passion, energy, knowledge, and time can now be dedicated to things that are most important to you, and deservedly so!

 

Need a simpler way to file your taxes?

Try Taxumo Today!

Author Evan Tan

Evan Tan is the Chief Marketing Officer of Taxumo. He is a communications professional with over a decade of local and regional professional experience. He also is a founding member of the Philippine LGBT Chamber of Commerce. Apart from his work and advocacy, he is passionate about traveling, working out, reading good books, and discovering vegan restaurants in and out of the country.

More posts by Evan Tan

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