The COVID-19 Pandemic has affected a lot of businesses in ways we didn’t expect. The Department of Labor and Employment reported that 3000 businesses have permanently closed or retrenched their employees. And while the economy is facing this very alarming problem, there are businesses who are taking this time to rest and reassess their next move.
These businesses, even though without any income or expenses, still need to file their taxes.
This is why we created Taxumo Lifeline. “What is that?” you ask. Let’s go over the details of this new Taxumo product one by one.
What is Taxumo Lifeline?
Taxumo Lifeline is a subscription that is specifically created for dormant businesses. It helps these businesses including those with ZERO income, ZERO expenses, ZERO Withheld Tax, keep their records updated with the BIR by filing automatic zero-forms.
How is it different from other subscription plans?
If you have a Taxumo Lifeline Subscription, Taxumo will, by itself, automatically file tax forms for you that show 0 income, 0 expenses, 0 withholding taxes. You select which tax forms you want to file. This is perfect for the business that had to be put on hold for a while.
If you have any income, any expenses, or any withheld taxes you want reported in your tax submissions, the other Taxumo subscriptions would be more suitable for you.
What are the forms available to file in this plan?
The forms included are the usual Income Tax Forms (1701/1701A/1701Q and 1702 for corporate entities), Percentage Tax (2551Q), Expanded Withholding Tax (0619E, 1601EQ, 1604E), Value Added Tax (2550M, 2550Q), Withholding Tax for Compensation (1601C), and 2nd Annual ITR Payment (0605).
You will also get access to Books of Accounts Report, and grant 2 delegate accesses.
How much is the subscription to Taxumo Lifeline?
The subscription to Taxumo Lifeline costs as much as a cup of Starbucks coffee at ₱200 per month. (Billed annually, a total of ₱2,400 one-time payment)
How do I start using Taxumo Lifeline?
Follow these simple steps to get started on Taxumo Lifeline.
- Sign-up or Log-in to your Taxumo Account.
- Subscribe to Taxumo Lifeline by going to the Subscription tab on the left side of the screen.
- Next, go to Tax Dues and select Automated Zero Filing.
- Select the forms that you’d like to file automatically file by clicking on the switch and you’re done!
You will receive a confirmation via email once the form is successfully filed.
The current economic situation in the country is indeed worrying. But hats off to the professionals and entrepreneurs who haven’t given up on their dreams and are taking the time to rest and reassess their next move. Taxumo Lifeline is here to support by taking on your tax worries so you can focus more on bouncing back.