It's Annual ITR season again and Taxumo is here to help you with your tax compliance.
If you already filed your Q3 1701Q within Taxumo and have recorded your Q4 income/expenses in your Cashflow, your Q3 data will be auto-reflected in the pre-submission fields and we can correctly compute for your Annual ITR and present it in the tax card.
But if the Annual ITR is the first form you are filing within our platform, there are additional steps or information needed to properly compute your tax payable.
There are two (2) methods to do this:
If you filed your Q3 1701Q outside Taxumo, the Operating Revenue for the Whole Year field will only reflect Q4 transactions in your Cashflow.
To properly declare your revenue for the year, get the revenue declared in your Q3 1701Q filing and add it to your Q4 revenue. That is your total Operating Revenue for the Whole Year.
The next page will ask you of any credits that may be deducted in your Annual Income Tax.
Input here any excess credits from overpayments to the BIR from your previous Income Tax filing.
Input here the sum of all of your Income Tax payments in the year.
In these fields, it will reflect the credits from any 2307s you recorded in your account. These fields are non-editable and will automatically retrieve data from your records.
If you want to edit the data for your Tax Withheld, you need to edit through the Withheld Tax - Received module.
If you want Taxumo to automatically get your manually filed Q1, Q2, and Q3 data for your Annual ITR filing, you can do this instead:
NOTE: Please note that this method assumes that you have already filed your 1702Qs outside of Taxumo platform. If you haven't yet, you can still file them properly on our platform.
1. Enter all of your Q1, Q2, and Q3 data in your Cashflow.
2. File your Q1 1701Q on our platform. Make sure that it is aligned with your manually filed Q1 1701Q form.
3. Choose the "Prepare Only" option as a filing service. Since we will only compute this filing, it will not be filed again to the BIR but will only save your Q1 records on our platform.
4. Repeat Steps 2 and 3 for Q2 and Q3.
Voila! You now have records of your Q1, Q2, and Q3 filings in the Taxumo app and our system will now consider those data in the computations and the pre-submission fields will also reflect them.
Now, simply input your Q4 transactions in your Cashflow and your Annual ITR will now be computed properly.
If you need to know more on how you can file your Annual ITR on our platform, you can check out our video guides on Youtube.
You can also book for a one-on-one session with our Customer Support team on how you can file your Annual ITR with us.
For additional information or inquiries, you may contact us at firstname.lastname@example.org.
This article is updated as of March 30, 2022.