Brand New 2551Q Form (Quarterly Percentage Tax) with 8% Opt In

On April 25, on the deadline of filing the Quarterly Percentage Tax Form, the BIR released RMC 26-2018 which has the new 2551Q form and the submission procedures for manual, eBIRForms, and eFPS.

The new 2551Q Form now has a field where you can indicate whether you’re opting in to the 8% Flat Income Tax Rate. Also, SPOILER ALERT: 2551Q is not yet updated on eBIRForms and eFPS.

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So for the procrastinators who put off their tax filing until the very last day of the deadline, congratulations!  😉

For the rest of us, it’s unlikely that the BIR will penalize us for not using the new 2551Q form when we submitted given the timing when they released this RMC. Moving forward, though, we have to make sure we’re filing this new one. The next deadline is on July 2018.

While we’re on the topic, if you missed filing your 2551Q, then you may no longer be eligible for the 8% Flat Income Tax Rate anymore. Basing on RR 08-2018, you had to make sure you filed your 2551Q on time. You can read more about our breakdown of that RR and how to opt in to 8% by visiting this article:

How to Avail of the 8% Income Tax Rate on Gross Sales/Receipts

Having said that, there is a glimmer of hope. We noticed that the RDO’s are implementing things differently. If so, perhaps your RDO doesn’t see missing your 2551Q filing as a reason for ineligibility. To be sure, it would be best to call your RDO.

We here at Taxumo are constantly updating ourselves with the latest forms and procedures so you don’t have to! Sign up to Taxumo now to start focusing on your passion instead of worrying about your taxes!

 

EJ has 17 years of experience in IT, Service Management, Project Management, Development, and Marketing. He is also the CEO of Taxumo and a Trainer/Consultant for Digital Marketing.

Tax Reform: How to Change from VAT to Non-VAT

Tax Reform TRAIN Changing from VAT to Non-VAT

The Tax Reform for Acceleration and Inclusion, more popularly known as TRAIN, has amended the tax code to increase the VAT Threshold from P1.919 Million to P3.0 Million. If you are a registered VAT taxpayer earning less than P3.0 Million, you may now opt to be non-vat instead. This is great for services and high margin businesses as this will most likely result in tax savings.

Find out how to change your tax type to Non-VAT here…

EJ has 17 years of experience in IT, Service Management, Project Management, Development, and Marketing. He is also the CEO of Taxumo and a Trainer/Consultant for Digital Marketing.

TRAIN Law Primer or So what do I file now?

A Primer on the TRAIN Tax Reform Law

The Income Tax Reform Law (Tax Reform for Acceleration and Inclusion of TRAIN) (RA No. 10963 + veto message) changes a lot of things for the DIY taxpayer. Aside from the forms themselves, the tax reform law also changes the frequency, the processes, and the formula & tax tables that we’ve all gotten used to. As a freelancer, professional, or self-employed individual, this can be a confusing change. This article aims to make the tax TRAIN easier to understand.

Read more about the biggest changes from TRAIN…

EJ has 17 years of experience in IT, Service Management, Project Management, Development, and Marketing. He is also the CEO of Taxumo and a Trainer/Consultant for Digital Marketing.

Taxumo Makes Tax Filing a Quick & Easy Online Experience

Tax Filing Made Even Easier

Taxumo turns Tax Filing from what was previously a painful scary chore into a pleasant & quick online experience! Aligned with that promise, we are releasing our new UI. Built from the ground up with intuitiveness and ease in mind, filing your taxes are even easier than ever before.

What didn’t change?

Before we go into what changed, let’s talk about what didn’t change. Taxumo is still easy to use: you just enter income and expenses and press some buttons. In 1 click, forms are automatically filled out. Payment can be done through the website as well. So tax filing is still as easy as possible!

Read on to find out what DID change…

EJ has 17 years of experience in IT, Service Management, Project Management, Development, and Marketing. He is also the CEO of Taxumo and a Trainer/Consultant for Digital Marketing.

TRAIN’s New 8% Tax – Does it really save you money?

Pay Taxes online and cut back on forms and lines with Taxumo

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 new 8% Gross Receipt Tax that you can choose to file instead of filing the Percentage & Income Taxes. This is an intriguing choice as it definitely makes computing easier. Just multiply your total income (above 250K) by 8%! Then I asked myself, yes it’s easy but is it cheaper? Will I get out ahead if I just opt to pay 8%?

Read on to see if the new 8% Tax will save you money…

EJ has 17 years of experience in IT, Service Management, Project Management, Development, and Marketing. He is also the CEO of Taxumo and a Trainer/Consultant for Digital Marketing.