If you are a registered BMBE, make sure that your have your certification with the RA that certifies your eligibility for the BMBE status.
Before you start your filing, make sure that your business profile in the settings is properly filled out!
The following must be setup properly:
My business is under BMBE Law- This is the most important line item in your business profile, you must click Yes in order for Taxumo to generate the appropriate 1701 tax card for your filing.
Income Tax Rate Type- It is important to set it to Graduated Income Tax since this is the only income tax rate that is applicable to BMBE users.
Deduction Method- Once your business profile is set to BMBE, the deduction method is automatically set to Itemized Deduction.
If you already have an existing Taxumo account, all you need to do is activate the Form on your company profile. Make sure that the 1701/1701A/1701Q is selected in the forms you are filing.
Here are the Steps on how to file:
1.) To start the process of filing your 1701, click on the FILE Now button beside the Annual Income Tax Return Card
2.) You will then be asked a series of questions.
In this question, you may click 'No' since Taxumo will automatically provide the schedules you need to fill out based on your business profile. This is why it is important to properly set up your business profile as BMBE.
3.) Next, you will be asked to input all of your activities registered as a BMBE.
4.) Input all of your BMBE's income here.
5.) As a registered BMBE, you are automatically an Itemized Deduction Method user. These fields should reflect the summary of the deductible expenses that inputted in your account. If you do not have any inputs yet, you may edit the fields accordingly.
6.) If you have any special allowable itemized deductions, input them here.
7. From your business, you will be asked to input the following details.
7. If there are deductions from your income that had been remitted to another government agency, input them here.
8. From your business, input the following details on Tax Credits/Payments.
*Note: If filing your Form 1701 will be the first form you will file via Taxumo, kindly take note that AFTER you have filed your Form 1701 for the Annual ITR, you still have to file the Quarterly Income Taxes (1701Q) of your business or profession.
9. If you need to declare Non-Deductible Expenses or NOLCO (Non-Operating Loss Carry Over), input them here.
10. Afterwards, you will then be asked to fill in your details, and choose an Overpayment Option. This means that should you incur excess income taxes, you have the option to choose whether you want a refund or you want those excess taxes be credited to the following year's income taxes.
You also have the option to pay your Annual Income Tax dues in installment of up to 40%. The remaining amount that you will not be filing and paying for immediately will have to be settled on or before October of the current year.
11. After you have filled in all of the required fields, click PROCEED, and then you will see a computation of your income tax due.
12. Once you verify the details presented, click on PROCEED TO CHECKOUT:
13. Choose your preferred payment method and click on the Pay Now button.
14. Follow the instructions on your chosen payment gateway.
15. That’s it! You’re done.