Guide for Taxpayers for Taxable Year 2024

 Guide for Taxpayers 

Choose your Tax Regime on the Initial Quarter of Filing

Applicable for Self-employed individuals engaged in Business, Practice of Profession including Mixed Income Earners

1) 3% Percentage Tax and Graduated Income Tax Rate on Net Taxable Income 

(12% VAT if VAT Registered)

   Method of Deduction:

1. 40% Optional Standard Deduction

2. Itemized Deductions

2) 8% Income Tax Rate in lieu of Percentage Tax and Graduated Income Tax

Percentage Tax Deadline 

Quarterly Percentage Tax for the year 2024

BIR Form 2551Qv2018

First Quarter (Jan to Mar) - April 25, 2024

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://m.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

https://youtu.be/MbKgnqszJEw

Option No 2: Use BIR Form 1701v2018 if you choose Itemized Deductions

https://youtu.be/5DTRIGR2RF4

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

https://youtu.be/s3_ZBhoT2hI

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

https://youtu.be/YVtTfxcmA84

(Sample just change the year to 2024)

Second Quarter (Apr to Jun) - deadline August 15, 2024

https://youtu.be/hlhKJdPIq9o

Third Quarter (Jul to Sep) - deadline November 15, 2024

https://youtu.be/HXIvPZJRCsw

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:

https://youtu.be/Fv-X2qgbCAA

World Diabetes Day

Though I'm not diabetic, I joined the celebration of World Diabetes Day in our country in order to support the campaign to spread awareness on how to avoid and fight the disease. Topics discussed during the event includes Types of Diabetes, Proper Nutrition, and Weight Loss Through Running. It was held at Glorieta 5 Activity Center last November 17, 2012.

Photo by Ampalaya Plus FB page

Nestlé Fitnesse Shape Up Night

The Lucky Winners of Nestlé Fitnesse Cereal and Free Membership at Fitness First Philippines for six months with party host  Miss Iya Villana on my right, the Marketing Managers of Nestlé Philippines and Fitness First Philippines and the international Zumba specialist David Velez.

I seldom go to a party but my friend Nancy had convinced me to join the Nestlé Fitnesse Shape Up Night last March 31, 2012 at NBC Tent, Bonifacio Global City, Taguig. 

It was sometime in March last year when Nancy gave me a small flyer with details on how to be a part of the Zumba Fitness party.  I thought there's nothing wrong if I would go to this summer party because it promotes the fun side of health and wellness. 

In order to join the party, participants must show a proof of purchase of any Nestlé Fitnesse Cereal or buy one at the event. Of course like other fitness enthusiasts, I didn't want to miss this rare chance to dance with international Zumba specialist Mr. David Velez and meet the lovely VJ Ms. Iya Villana! The next day, I bought one box of Nestlé Fitnesse cereal for only P 99.00 at Market!Market! and kept my receipt as my pass. Aside from getting the opportunity join the Zumba Fitness party, I learned that there's a promo on Facebook Fanpage of Nestlé Philippines. I registered wishing that I would win a six month supply of Nestlé Fitnesse Cereal and a six month free membership at Fitness First Philippines.

Photo from Nestle Fitnesse Facebook Fanpage
The lively and untiring crowd danced for more than two hours at NBC Tent.

I was very lucky that night to experience Zumba Party for the first time. There were lots of activity booths that I really enjoyed like Glitter Tattoo, Nutrition Counseling and Animated Photo Booklet. While waiting for the program to start, we're generously treated with an unlimited free taste of Nestle products such as Nestlé Fitnesse Cereal, Nestlé Fruit Selection Yogurt, Nestlé Fresh Milk and Nestlé Yogurt Drink in Mango and Strawberry flavors.

Nestlé Philippines with the supervision of a DTI already picked the 14 lucky winners of a six month supply of Nestle Fitnesse Cereal and a six month free membership at Fitness First Philippines by means of an electronic raffle of the entries submitted in its Facebook Fanpage.

My wish was granted! I won! 

After the 14 day Nestlé Fitnesse Challenge:

Standing proud after finishing my first ever 100 meter dash event in 19sec.
during the INC Unity Games last May 19, 2012 at Rizal Memorial Stadium.

From the month of May until November 2012, Nestle Philippines sent me a total of 90 boxes (330g) of Nestle Fitnesse Cereal through JRS Express. I also shared my cereal to my officemates and friends.  

Thank you very much Nestle Philippines and Fitness First Philippines!