Скачать или смотреть ❗ 9 Common Mistakes Freelancers Make When Filing Annual ITR ⚠️❌🚨

Learn how to sidestep these 9 common mistakes and breeze through your ITR!

1. Not saving the ITR in PDF.
We always recommend printing or saving your filed tax returns and saving them online using Dropbox or Google Drive.
This is to always have a backup copy of your tax returns. Even if your eBIR software or computer got damaged or corrupted, all your tax files are safe.

2. Wrong Taxable Year.
For Annual ITR Year 2023. Make Sure you use 'Year 2023' as your Taxable Year.

3. Wrong BIR Form.
There are multiple ITR forms for individuals. For Freelancers using the 8% Income Tax Rate Option. Use BIR Form 1701A.
For Freelancers using the 8% but with Employment Income, aka Mixed-Income Earners. Use BIR Form 1701v2018.

4. Not using BIR Form 2307.
If you have BIR Form 2307 during the taxable year. This is for Freelancers with local clients that withheld tax. You can use this as a tax credit or deduction.

5. Failure to deduct the P250,000 Non-Taxable Income.
For 8% Freelancers, you need to input this manually. Failure to do this will result in a higher tax due.
For 8% Mixed-Income Earners. You're not allowed to deduct the P250,000 anymore as it is already deducted by your employer.

6. Failure to deduct the quarterly tax payments.
Our ITR filing is cumulative and any payment made to your previous quarterly ITRs should be deducted from your Annual ITR.

7. Wrong email address.
The email you will use is very important, as this is where you will receive the BIR email confirmation that will be the proof of your filing.

8. Wrong Taxpayer Type.
Most Freelancers are under Professional. But you still need to check your BIR Certificate of Registration to know what taxpayer type you are registered with.

9. Not paying your tax on time.
It is recommended that you process your ITR payment after you receive the email confirmation from the BIR.
Some taxpayers file early but do not complete the payment. They didn't remember it until after the deadline, which made it already late.

Failure to pay on or before the deadline, April 15, 2024, will result in late filing penalties, even if you file your ITR on time.

BIR penalties are no joke, plus the hassle of the penalty computation in your RDO.

Make sure to avoid these common mistakes. ⚠️

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Freelancer tax mistakes
Common errors in annual ITR filing
How to file ITR for freelancers
Freelancer tax tips
Avoiding tax mistakes as a freelancer
Common tax errors for self-employed individuals
Freelancer tax deductions
Tax filing tips for freelancers
Freelancer income tax return
Self-employed tax filing advice
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