Have you ever taken a look on your COR and wonder, what is this 1701Q? How does it work and what does it declare?
To simply put it – BIR Form 1701Q, or the Quarterly Income Tax Return is filed by any taxpayers who are earning income within the Philippines. Self-employed professionals and business owners in the Philippines fill this out every three months (or every quarter).
In this guide, we’ll teach you how to file your 1701Q the easy way.
But first.. who needs to file BIR Form 1701Q?
According to BIR people need to file their 1701Q based on these taxpayer profiles:
- Self-Employed: There are several categories for self-employed, and one of the popular ones is being a freelancer. These are individuals who are highly skilled in writing, design, IT, VA, and more. Freelancers offer their services to clients on a project-by-project basis and are not bound by a long-term contract.
- Professionals: PRC licensed professionals are considered under this category. Mainly Doctors, Lawyers, Accountants, and more.
- Estates and Trusts: If you have any assets entrusted that are income generating, they are also part of this category.
How does Taxumo file your 1701Q for you?
Filing 1701Q manually involves figuring out what information to fill, calculating taxes, and using the right formula. Sometimes BIR also updates the RR, so this can be an added stress for you as you need to adjust on the new regulation. But Taxumo simplifies the Tax filing process, all you need to do is to follow these steps:
- Setting up your Taxpayer profile on our settings.
- Entering income and expenses on our Cashflow.
That’s it! Then Taxumo automatically does the rest:
- Fills out the 1701Q form for you.
- Calculates your tax dues accurately, minimizing on penalties.
- Forecasts your future 1701Q tax dues, so you can budget ahead and avoid tax bill shock.
Watch the video below to learn how to file for 1701Q
This might be overwhelming for some especially that Income Tax or 1701Q is not only the tax form that you need to file yearly, but other tax forms and attachments as well. But Taxumo saves you time, stress, and money by helping you take control of your taxes today!
If you want to learn how to file for your 1701Q through Taxumo, book a free onboarding call with our team.