How to File BIR FORM 1701A for Real Estate Agents, Professionals & etc. Availing 8% Income Tax Rate

What is an Income Tax Return or ITR?
Income Tax Return ay isang form na ginagamit para i-report ang income, expenses at iba pang important na information gaya ng kailangang bayarang tax o tax refund kapag sobra ang nabayad na tax sa Bureau of Internal Revenue.

When to file and what to file?
Based sa ating Certificate of Registration, we have to file our 1701Q every May 15 for 1st QTR., Aug. 15 for 2nd QTR., Nov. 15 for 3rd QTR., and April 15 for 1701A.

Why file ITR and pay income tax?
1. Fulfillment of legal obligation
Under Republic Act 10963 or TRAIN law, if we earn less than P 250,000 per year, we don’t have to pay any personal income tax but because we are practicing our profession or doing business, we have to file an income tax return regardless of the amount of our gross income.

Sa madaling salita, kahit kumita man tayo o hindi sa, required tayong mag-file ng ITR, kapag hindi natin ginawa, tayo ay magkakaroon ng SIC.
❥ 25% Surcharge of tax due
❥ annual Interest of 12%
❥ a compromised penalty from P 1,000 to P 50,000 of tax due

Ano ang mga benefits kapag in-avail ang 8% gross income tax rate?
❥LOWER TAX RATE kapag service-oriented ang profession o business.
❥NO BUSINESS TAX
❥NO NEED TO HIRE AN ACCOUNTANT
❥SAVE TIME AND EFFORT
❥SMALL CHANCE TO BE A CANDIDATE FOR AUDIT

2. For Future Plans
Filing our ITR and paying taxes serve as proof that we have a legitimate and solid financial background.

3. For Development of the Country
Kapag nagbayad tayo ng tama, nakakatulong tayo sa pag-unlad ng ating bansa.

How to Fill Up and File eBIRforms
There are three methods to file your 1701A:
1. Manual Filing
2. Use Online Tax Filing & Payment Platforms like Taxumo or JuanTax
3. File via Electronic BIR Forms (eBIRForms)

Ang i-shashare kong method dito sa video ay yung paggamit ng eBIRForms kasi iyan ang libre tapos hindi na rin kailangang magcompute manually.

For the part 2 of my video, I’ll share how to create Summary Alphalist of Withholding Taxes, sasabihin ko rin kung ano ang mga kailangang attachments sa iyong BIR Form 1701A at paano magbayad ng annual income tax.

Me-An Clemente (PRC Licensed Real Estate Broker accredited with different developers)
PRC REBL No. 0021476
📱 0976 003 5684 (Mobile/ Viber)
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