Missed the deadline for your Annual Income Tax Return Filing? No worries—you can still catch up! Whether you’re filing late or starting on time, Taxumo makes the process easy. Its “Prepare and File” tool helps freelancers, small business owners, and even corporations file their income tax returns whether if it’s Annual or Quarterly Income Tax Filing.
What Is an Income Tax Return?
An income tax return is a form that individuals and businesses must submit to the BIR (Bureau of Internal Revenue) every year. It shows how much income you’ve earned, how much tax you’ve already paid, and how much you still owe (if any).
In the Philippines, the deadline for filing your annual income tax return is every April 15 of the year. But if you miss the deadline, you can still use Taxumo to file your Annual Income Tax Return even if you’re late. While you might face some penalties and surcharges, Taxumo will help you calculate and process everything with ease.
How to Prepare Your Income Tax Return Filing
Here are the basic steps to prepare your income tax return:
1. Gather Your Documents
Prepare the following:
- List of income sources (invoices, receipts)
- List of expenses and allowable deductions
- BIR Form 2307 (Withholding Tax)
- Previous tax filings, if applicable
2. Choose the Correct Tax Form
Depending on your setup, here are the forms you should file based on your taxpayer type:
- BIR Form 1701 – For individuals earning income (self-employed, mixed income, freelancers)
- BIR Form 1701A – For individuals under the 8% income tax rate or optional standard deduction (OSD)
- BIR Form 1702 – For corporations
Filing Your Income Tax Return in Minutes with Taxumo
Instead of doing things manually, you can use Taxumo to speed things up. Here’s how easy it is:
Step-by-Step:
- Sign Up or Log In at www.taxumo.com
2. Enter Your Business Details (taxpayer type, line of business, etc.)
3. Input Income and Expenses
4. Taxumo Automatically Calculates Your Tax Dues
5. Review the form and choose ‘Prepare and File’ if you have no taxes to pay but still need to file your forms. Otherwise, if you have taxes to pay, the best option is ‘Prepare, File, and Pay’.
No spreadsheets. No confusing forms. Taxumo does the math for you.
Tax season can feel stressful, but it doesn’t have to be. Filing your income tax return can be easier and faster with Taxumo. Whether you’re early, on time, or filing late, the platform guides you every step of the way—in just a few minutes.
