Skip to content

Your 2023 Guide to Master Annual Income Tax Return Filing in Under 5 Minutes

It’s that time of the year again! Time to start preparing for your annual income tax return. Filing your taxes can be overwhelming, but it’s an important responsibility as a citizen. This year,  the deadline for filing your income tax return in the Philippines is April 15, 2023.

In this blog, we will cover the most important questions you need answered to equip you with the right know-how to ace your Annual Income Tax Return filing:

What Is BIR Form 2316 and and is 2316 and Annual Income Tax Return

If you’re employed in the Philippines, you’ll likely receive a Form 2316  from your employer, which shows your gross pay, total taxable income and the amount that your employer withheld and remitted to the government for the year. If you are self-employed, you’ll need to gather all your income and expense records to calculate your taxable income. If you are a mixed income individual (meaning you earn salary from an employer and you are running a business or practicing a profession on the side), you will need both your BIR 2316 Form from your employer and you will also need to gather all your income and expense records for the year.

Because of the popularity of the Annual Income Tax Return in the Philippines, most taxpayers think that this is the only tax form that needs to filed. When you have a business, a freelancing career or practicing a profession, you will need to file specific forms on a quarterly or monthly basis. When you register with the BIR, they will give you a Certificate of Registration where you will see all the types of taxes you need to file and the due dates for each.

What to Do if You Switched Employers Within the Same Year?

Another thing to consider, for individuals who shifted or changed jobs last year (meaning 2 employers for 2022), you will need to file your own income tax return, too, in the form of BIR Form 1700. This form can be filled out by hand or online, and you’ll need to attach your supporting documents which is your BIR 2316 Form from your previous employer/s. Example, if you switched jobs in February 2022 and then switched jobs again in May 2022 and then switched again to your current job last November 2022, you will need to get your BIR 2316 Forms from the employer you left in February and the employer you left last May 2022.

It’s important to keep in mind that failing to file your income tax return or filing it late can result in penalties. So, make sure to file your return on time and accurately.

If you need assistance in preparing your annual income tax return and other BIR forms, you may want to consider using Taxumo (especially if you don’t have any accounting background and you’re not too familiar with computing your tax dues). 

Taxumo is the perfect tool to help you file income tax return! It allows you to file and pay your taxes in 3 minutes or less, all within the convenience of your home. All you need to do is to type in your income and expenses, encode the 2307 forms that you have received (if any), the system automatically computes your tax dues. There’s no need to line up in the bank and spend money on transportation. You can pay your tax dues via the different payment channels available in Taxumo, such as, debit and credit cards, online / mobile banking, GCash, Maya, Grabpay, etc.

In conclusion, filing your annual income tax return may seem like a hassle, but it’s an important responsibility that contributes to the overall development of our country. So, make sure to take the time to prepare and file your return accurately and on time. 

If you have other questions, feel free to join Taxumo’s weekly calls for customers using clicking this link: I Want to Know How Taxumo Works! or get in touch with our Customer Advocates via customercare@taxumo.com

Remember to file your annual income tax early!

25 thoughts on “Your 2023 Guide to Master Annual Income Tax Return Filing in Under 5 Minutes”

    1. Hello Rita,

      Hello Melissa,

      Good day!

      If you wish to have your BIR form 2316 updated, it is best that you coordinate this with your employer so they can make the necessary changes 😊

    1. Hello Karla,

      You may submit your last 2316 from your previous employer before your current one and explain that you do not have work for the current year, hence, you do not have form 2316 for that period. 🙂

  1. Hi! I don’t know how it works. I resigned this February 3,2023 from my previous employer. They provided me BIR 2316 for the period of 2022. Now, mu current employer is asking for ITR 2023 and they said that I should ask that from my previous employer. However, I ask many times but they can only provide BIR 2316 2022. Any advise what can I do or what needs to do? I really need to submit ITR 2023.

    1. Hello Leah,

      Good day!

      You are entitled to have an ITR for 2023 from Jan-Feb of 2023 since you’re still actively working for them till Feb 3, 2023. It is best that you coordinate this again with your employer and specified that you only need to have a form 2316 for January to February 3, 2023. 🙂

        1. Hello Khaleesi,

          Good day!

          Yes we will have an ITR for 2023 if we are privately employed. The annual ITR for individuals earning purely from compensation is the form 2316. 🙂

      1. Hello Melissa,

        Good day!

        If you wish to have your BIR form 2316 updated, it is best that you coordinate this with your employer so they can make the necessary changes 😊

    1. Hello Leo,

      Good day!

      If you are not yet registered as a Freelancer/Professional in BIR, that is the first thing that you should do to manage your taxes. Let me share with you an article written by our COO, Ginger Arboleda. This article will answer freelancers’ frequently asked questions. https://mommyginger.com/freelancers-questions-taxation-answered.html. You may also check on the link below for the guide on how to register as a professional or non-licensed professional.

      https://drive.google.com/file/d/1-B-sWecmyrTOAfP_HsARKIydvgk-5qad/view

      Hope this helps! 🙂

    2. Hello Leo,

      Good day!

      If you are not yet registered as a Freelancer/Professional in BIR, that is the first thing that you should do to manage your taxes. Let me share with you an article written by our COO, Ginger Arboleda. This article will answer freelancers’ frequently asked questions. https://mommyginger.com/freelancers-questions-taxation-answered.html. You may also check on the link below for the guide on how to register as a professional or non-licensed professional.

      https://drive.google.com/file/d/1-B-sWecmyrTOAfP_HsARKIydvgk-5qad/view

      Hope this helps! 🙂

    1. Hello Leo,

      Good day!

      If you are not yet registered as a Freelancer/Professional in BIR, that is the first thing that you should do to manage your taxes. Let me share with you an article written by our COO, Ginger Arboleda. This article will answer freelancers’ frequently asked questions. https://mommyginger.com/freelancers-questions-taxation-answered.html. You may also check on the link below for the guide on how to register as a professional or non-licensed professional.

      https://drive.google.com/file/d/1-B-sWecmyrTOAfP_HsARKIydvgk-5qad/view

      Hope this helps! 🙂

  2. I lied to my new employer that I don’t have any job
    Within the year . Can my new employer still file my itr on bir even I didn’t give my previous 2316 itr?

    1. Hello Jessa,

      Good day!

      Yes, they can still include you in the substituted filing for your annual ITR, however, your taxes or income from your previous company/employer won’t be included on this filings. 🙂

  3. hi! let’s say i got hired in january 2024 or any other month(already resigned in 2023 so no prior work in 2024) would my new employer still ask for my ITR of the previous year (in this case 2023)? thank you

  4. Hi,

    A pleasant day to you.

    Would like to ask if you have any idea when the earliest the employers can provide the ITR for 2023?

    Thank you 🙂

  5. Hi,
    I got a previous employer at January to February 2023 and my salary is below the taxable income and now I have another company and my salary now is eligible for tax. And I need to combine my ITR for both company for the year 2023, Do I need to pay something or is there a combination tax payment when combining ITR?
    Thank you.

  6. Hi,
    Can I amend Annual Income Tax return to mixed income earner? I initially used 8% unknowingly as it is best to use for sole business owner, I didn’t thought about being a mixed income earner and should be filing as one. Can I use OSD instead to amend the 2023 ITR? thanks

    1. Hello Jam,

      You can amend your 2023 AITR filing as Mixed Income Earner but the tax rate should remain 8% rate because we can only use one tax rate per year. 🙂

Leave a Reply

Your email address will not be published. Required fields are marked *