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:
40% Optional Standard Deduction
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
