Guide for Taxpayers whose line of business is TNVS without Certificate of Public Convenience (CPC)
Choose your Tax Regime
1) 3% Percentage Tax and Graduated Income Tax Rate on Net Taxable Income
For Sales 3M and below 3% Percentage Tax.
For Sales above 3M, 12% VAT (must change registration to VAT)
2) 8% Income Tax Rate in lieu of Percentage Tax and Graduated Income Tax
Applicable for Gross Sales 3M and below only
For Self-employed individuals and Mixed Income Earner
Please watch this video.
Percentage Tax Deadline
Quarterly Percentage Tax for the year 2024
BIR Form 2551Qv2018
Firsrt Quarter (Jan to Mar) - April 25, 2024
ATC PT010 3%
https://youtu.be/BEwUz9ZS2G4
Second Quarter (Apr to Jun) - July 25, 2024
Third Quarter (Jul to Sep) - October 25, 2024
Fourth Quarter (Oct to Dec) - January 25, 2025
Quarterly Income Tax Return (BIR Form 1701Qv2018)
Choose Graduated Rates
Method of Deduction: Choose between 40% OSD and Itemized Deductions
Videos for 40% OSD-
INCOME TAX GRADUATED RATES- OSD: https://www.youtube.com/playlist?list=PLhv2d659sAa-vWCIscgfyNNiyUFZMOoFz
Videos for Itemized Deductions-
INCOME TAX GRADUATED RATES- ITEMIZED DEDUCTION: https://www.youtube.com/playlist?list=PLhv2d659sAa9G_GAkmgZ6thWzPNSTZlAC
Deadlines:
First Quarter 1701Q - May 15, 2024
Second Quarter 1701Q - August 15, 2024
Third Quarter 1701Q - November 15, 2024
Take Note: No Fourth Quarter
Annual Income Tax (Form 1701/1701A)
Option No 1: Use Form 1701A if you choose OSD
Graduated Rates -OSD
Just input the amount of Total Gross Receipts for the whole year
Option No 2: Use BIR Form 1701v2018 if you choose Itemized Deductions
Guide if you choose 8%
How to Avail 8% using BIR Form 2551Qv2018?
On Line No 13, Choose 8% income tax rate on gross sales/receipts/others
Quarterly Percentage Tax for the year 2024
BIR Form 2551Q
Firsrt Quarter (Jan to Mar) - April 25, 2024
Income Tax Deadline
For Taxpayers who opted 8% Income Tax Rate
Quarterly Income Tax for the year 2024
BIR Form 1701Q
First Quarter (January to March, 2024) - deadline May 15, 2024
Still editing video for filing.
Second Quarter (Apr to Jun) - deadline August 15, 2024
Third Quarter (Jul to Sep) - deadline November 15, 2024
No Fourth Quarter 1701Q
Annual Income Tax Return
Bir Form 1701A
Jan to Dec, 2024 - deadline April 15, 2025
Sample Video for the year 2023:
