Tag: TAX COMPLIANCE

July 2019 BIR Tax Calendar Compliance

George Mikhail Aurelio

Calendar

Check in your BIR Certificate of Registration on what taxes you are required to file.

BIR Forms

  1. July 5, 2019 –   BIR Form 2000 Documentary Stamp Tax Declaration
  2. July 10, 2019 – BIR Form 1601-C Monthly Remittance Return of Income Taxes Withheld on Compensation
  3. July 10, 2019 – BIR Form 0619-F Monthly Remittance Form for Final Income Taxes Withheld
  4. July 25, 2019 – BIR Form 2550Q Quarterly Value-Added Tax Return
  5. July 30, 2019 – BIR Form 1601EQ Quarterly Remittance Return of Creditable Income Taxes Withheld (Expanded)

Other compliance required by the BIR

  1. 2nd Quarter 2019: Online submission of Summary List of Sales and Purchase (VAT Relief).
  2. 2nd Quarter 2019: Online submission of Quarterly Alphalist of Payees.

Freelancers and Professionals Tax Planning

George Mikhail Aurelio

 

 

 

If you are a Freelancer or a Professional whose annual income is less than P3,000,000. You should be aware of this new Tax Law.

One of the highlights in the new Tax Law under the Tax Reform for Acceleration and Inclusion (TRAIN) is the ease of compliance of Self-Employed Individuals and Professionals. Under the old law, you file your monthly income/sales using the BIR Form – 2551M (Monthly Percentage Tax Return). Under the TRAIN. No more filing of BIR Form – 2551M. Instead, you have to file BIR Form – 2551Q (Quarterly Percentage Tax Return).

IMPORTANT.

As a Freelancer and Professional, you have two options:

Option A

File  Quartelry:

– BIR Form 2551Q

– BIR Form 1701Q Quarterly (Quarterly Income Tax Return).

OR

Option B

File 1701Q Only – 8% Tax on gross sales or gross receipts and other non-operating income in excess of Two hundred fifty thousand pesos (P250,000).

Take note that your option on the first quarter will be irreversible for the taxable year. You have to make sure that you will choose the option where  you save more.

 

No time for tax compliance? We can help you! We have a special rate for Freelancers and Professionals. Request for proposal.

 

 

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