What is Taxumo Lifeline?
Taxumo Lifeline is a subscription that is specifically created for dormant businesses. It helps these businesses including those with ZERO income, ZERO expenses, ZERO Withheld Tax, keep their records updated with the BIR by filing automatic zero-forms.
How is it different from the existing Taxumo Subscription Plans?
If you have a Taxumo Lifeline Subscription, Taxumo will, by itself, automatically file tax forms for you that show 0 income, 0 expenses, 0 withholding taxes. You select which tax forms you want to file. This is perfect for the business that had to be put on hold for a while.
If you have any income, any expenses, or any withheld taxes you want reported in your tax submissions, the other Taxumo subscriptions would be more suitable for you.
What are the forms that I can file?
Following are the forms that you can activate for automatic filing in Taxumo Lifeline:
- Income Tax Forms (1701/1701A/1701Q and 1702 for corporate entities),
- Percentage Tax (2551Q),
- Expanded Withholding Tax (0619E, 1601EQ, 1604E),
- Value Added Tax (2550M, 2550Q),
- Withholding Tax for Compensation (1601C),
- 2nd Annual ITR Payment (0605).
How much is the subscription to Taxumo Lifeline?
The cost of the Taxumo Lifeline subscription is ₱200 per month billed annually or a total of ₱2,400 one-time payment for a 12 month subscription.
How Do I Start Using Taxumo Lifeline?
Simply follow these steps to start using Taxumo Lifeline.
1. Sign-up or Log-in to your Taxumo Account.
2. Subscribe to Taxumo Lifeline by going to the Subscription tab on the left side of the screen.
3. Next, go to Tax Dues and select Automated Zero Filing.
4. Select the forms that you’d like to file automatically file by clicking on the switch and you’re done!
You will receive an email confirmation once the forms have been automatically filed.
What if I already have an income and ready to declare my income and expenses?
Congratulations on successfully bouncing back!
Since Taxumo Lifeline can only be used for zero-filings, you will need to shift into the regular Taxumo subscription plans.