This is helpful, thanks! I think Gross Sales and Gross Income should be clarified; they are not the same. Gross Sales - Cost = Gross Income. Gross Income - Operating Expenses = Net Income.
Hello po. I really appreciate the way you explain things about taxation. I honestly understood you more easily than my college instructors. Direct to the point ka po magturo. I believe you'd make a good tax instructor. God bless po! I'd also like to sincerely share this one to everyone who reads this: They replied, “Believe in the Lord Jesus, and you will be saved-you and your household.” -Acts 16:31
Check out Taxumo now: txmo.co/ready2adult 10% Discount Code: ready2adultph The CREATE Law turned 3% of Business Tax to 1%. (Announcement came after I posted this video) Note Corrections: 7:35 Graduated IT Rate Should be 400k = 30k + 90k*25% = 22.5k Income Tax should be P52,500 instead of P50,000 13:27 Scenario 5: Should be 400k = 30k + 40k*25% = 10k Income Tax should be P40,000 instead of P38,000 Sorry! ✌🏻
Thank you Ms. Charm for making a video on taxes! I realized that I have been doing it wrong since I started freelancing, my taxes were huge! I filed for quarterly taxes today and applied what you discussed, I have so much leftover money from it, I save a lot! More power and more informative videos!!
I just want you to know that you are an angel for making all these videos. You are helping our generation in many ways and we truly appreciate it. Keep it up!!
Wow very informative about How to File ITR, especially me I just started now for my channel and to file my ITR as I am being required now for more documents to get Tax Treaty. I wonder if you can have a video of how to submit once we are already done paying and processing our ITR here in the Philippines to Google AdSense for our Tax Treaty. Thank you so much and will watch this so I can understand more about the figures of how to Calculate and how to process the ITR for me being an Online Content Creator here on RUclips. God bless and connect now to your channel Miss Charm.
Hi Ms. Charms! I think the computation for the graduated tax rate should be... 30k for the first 400,000 22,500 for 90k in excess of 400k x 25% Total is 52,500 for the INCOME TAX Income tax and business tax are separate. Also, the 3% percentage tax is now 1% in the CREATE Law. If Sales exceed 3M for a year, the business tax is subject to VAT as a requirement. Hope this helps.
Hi, if for example I have a part time job and since it's parttime, the money I earn is less than the minimum wage, do I need to file for an ITR or that would make me exempted automatically?
@@omsim9954 Annual income of 250,000 pesos and below is exempted po. So kung dyan po and part-time nyo na kita, exempted po, no need to file ITR. Note: if not employed po ito
I love how much info I can get from this, Charm! Small comment lang: maybe you can format the way you show the sample computations or a similar thing by creating a template where the whole computation can be seen (some parts are covered by the footage of you). :D
This was very informative content , on top of that i really appreciate every single explanation she did cause it was very clear to understand all the language she used ,even Im not really good in terms of english 😅
you need to clarify that not all foreigners earning income in Philippines are required to file their tax returns. they pay their taxes via the withholding tax system wherein their customers will be the one who will withhold and pay their taxes on behalf of these foreigners. who are these foreigners? those who have been in the Phils for a special project or a one-off project in a given year (lless than 180 days). also, in respect of the tax computation under itemized deduction, the tax due should be 52.5k not 50k(90k excess x 25% + 30k). same is also true in Scenario 5, taxable income should be subject to 25% + 30k, hence, tax due should be 40k and not 38k. Minor comments though but we need to be careful in presenting tax computations to the public. nevertheless, good presentation! :)
Hello, thank you for a a very informative and easy to understand explanation. I just have a question on the first example on "Graduated IT rate". I think the tax due must be PHP 52,500 (=30,000 + (0.25*90000)), instead of PHP 50,000. Please let me know if I computed it incorrectly. Just to make sure I understood it right. thanks much more power to you!
Can you do a video about explaining and giving examples about how to read candle lights on graph, yung samples po ng tools .. and kung ano po yung magandang gamitin. I am trying po yung expert option pero hindi kopo maintindihan masyado.. even yung sa tools pano magamit. Terminologies. Sana po mapansin moto . Gusto kopo kasing mag try.. gusto ko din po syang mas maintindihan.
I explained candle sticks here : ruclips.net/video/WoF3wVn_sfo/видео.html Just note that Expert Option is Options trading and not stock trading, it’s more risky and not really ideal for new investors. I also have more videos about stock investing in my channel.
@@CharmdeLeon thank youuuuu... Will watch po.. pati po yung vlog mo na nag explain ka about blue chip Companies.. salamat pooo please keep on uploading po. If ever po about currency din sana
Great and informative video, I like her contents, tho' she talks too fast I have to rewind most parts just so I can keep up particularly the computation part.
Thank you for this video.. Big help for a new business owner like me. Would like to ask, do you also have a video on how to work on Books of Accounts for VAT? If we do use Taxumo, we still need to work on those books and accomplish it as required by BIR.
pls talk about those who are company employed full time worker and freelancers. What should we file? how do we file? what are the pros and cons ? i totally have 0 knowledge 😭
Very informative! Question lang po. In scenario 3, the 180k tax that needs to be paid on or before April 15, required po ba that it be paid in full or pwede half bale 90k on or before April 15 and then the other half in June or July? Thanks po.
hi i hope u will see this but i would like to ask: 1. if aspiring filipino youtube content creators should register their business already even if not yet monetized? 2. also if a yt cc should register business name at dti if the name used for the channel is not the official gov't name? 3. is it better to register both early or wait until monetized? 4. if a yt cc is not yet monetized but registered, you don't need to file taxes since it is not yet earning right? a response would be highly appreciated from you or anyone reading this!!!
Thank so much for this video. while evaluating if I should go for 8% flat rate or Graduated IT rate, my bookkeeper told me that from 3% binababa daw ng 1% ang percetange tax?
As far as I know it’s still 3%, you can check out the table on BIRs website: www.bir.gov.ph/index.php/tax-information/percentage-tax.html You can look up the CREATE law if you’re covered with the 1% percentage tax.
Hi maam! This is out of topic but if you have any idea regarding the reciepts from suppliers do i need to keep all of it and will I hand it over to the bir ?
Hi po. Di ko po gets ung scenario 4.. hindi ba ito ung compensation, 8% din if option 1 ung gagamitin sa train law? Pag 8% din ung dun sa business income and no percentage tax to compute na.
Good day ma'am. I would like to ask lang po. How about po yung remote employee ka abroad and residing kapo dito sa Philippines. Which country po ang magfifile nung tax po. At maiiwasan po ba yung double tax deductions po.
if you live in the Philippines, you need to pay taxes here. Usually employers abroad take withholding tax to remit there and you pay for business tax and income tax here. All proper taxes/not "double taxed"
@@CharmdeLeon thank you po sa pagsagot. In summary, taxes abroad po ay kinakaltas na nung employer palang po and yung responsibility ko po is yung income tax here in Philippines...
@Ready2Adult PH paano po kapag yung work po e base lang po sa dami ng gawa kapag marmaing gawa maatas po ang sahod? freelancer lang po remote job po. Magbabayad pa po ba ng tax?
Hi, if for example I have a regular job that files my tax and I got a part time job and since it's part time, the money I earn there is less than the minimum wage, do I need to file for an ITR or that would make me exempted automatically?
Pano po pag employed and they pay my taxes automatically na. Pano ko naman ipapafile ang income ko sa freelance? Naconfuse kasi ako na i add sya sa income yung nadiscuss mo about mixed incomes? Parang diba madodoble sya kung naifile na sya ng employer ko? Thanks po.
Hi. How do I know if my income tax is 8% or graduated? In my COR, it only states under "Tax Activities" the following: income tax, registration fee, and percentage tax - quarterly? If I earn below 250k, do I still need to pay income tax and percentage tax? hoping for your response
hello.. how about part time job do they need to pay taxes on there own? and what if they were not able to pay taxes for 2 years because they are a part time job only were they get penalty?... I hope I need clarifications thanks
Hi, if your earning thru global markets but you are using spreadbetting broker account? Ive seen a video saying that spreadbetting is taxfree but i dont know if it is the same with philippine tax laws.
Hi, stupid question po 😅 nalilito kasi ako. Pag po ba freelancers, option din po ba if quarterly kami mag file or, annual? which is ito pong annual income tax? Thank you
Good day po! Nagstart po ako ng online business as a sole proprietor nong Feb.2024. Nakakuha po ako ng COR sa BIR ng April 3 lang. Saan po ako magbase para sa ITR ko sa February po or sa April at need ko narin po ba magfile ng ITR ko every quarter this year?Sana masagot po Ma'am. Thank you and Godbless po!
Since you mentioned that i have to inform them at the start of the year if ill be choosing 8% or graduated, which of these do i choose since i need to file the 1701Q this 3rd quarter? Do i select graduated? My business was registered mid-year last July 2021.
This is helpful, thanks!
I think Gross Sales and Gross Income should be clarified; they are not the same.
Gross Sales - Cost = Gross Income. Gross Income - Operating Expenses = Net Income.
Perfect explanation!
Hello po. I really appreciate the way you explain things about taxation. I honestly understood you more easily than my college instructors. Direct to the point ka po magturo. I believe you'd make a good tax instructor. God bless po!
I'd also like to sincerely share this one to everyone who reads this: They replied, “Believe in the Lord Jesus, and you will be saved-you and your household.” -Acts 16:31
Check out Taxumo now: txmo.co/ready2adult
10% Discount Code: ready2adultph
The CREATE Law turned 3% of Business Tax to 1%. (Announcement came after I posted this video)
Note Corrections:
7:35 Graduated IT Rate
Should be 400k = 30k + 90k*25% = 22.5k
Income Tax should be P52,500 instead of P50,000
13:27 Scenario 5:
Should be 400k = 30k + 40k*25% = 10k
Income Tax should be P40,000 instead of P38,000
Sorry! ✌🏻
Noted po thanks.
Thank you Ms. Charm for making a video on taxes! I realized that I have been doing it wrong since I started freelancing, my taxes were huge! I filed for quarterly taxes today and applied what you discussed, I have so much leftover money from it, I save a lot! More power and more informative videos!!
Oh wow! you’re very much welcome 😱😱😱
If already paid, will you be able to get the excess back?
I just want you to know that you are an angel for making all these videos. You are helping our generation in many ways and we truly appreciate it. Keep it up!!
Awwee thank you po
thank you, girl. I used to hate accounting.
Very informative. Thanks for creating this vid. ;) Just a little update, percentage tax is now 1% under CREATE. ;) You are doing good. More power.
Yes! 👆🏻
I made this video right before I saw the news about CREATE 😅
haven't got to watch your video yet but google led me to your discount code :). it still works. thanks
Thank you for sponsoring Taxumo! :)) Very helpful.
Wow very informative about How to File ITR, especially me I just started now for my channel and to file my ITR as I am being required now for more documents to get Tax Treaty. I wonder if you can have a video of how to submit once we are already done paying and processing our ITR here in the Philippines to Google AdSense for our Tax Treaty. Thank you so much and will watch this so I can understand more about the figures of how to Calculate and how to process the ITR for me being an Online Content Creator here on RUclips. God bless and connect now to your channel Miss Charm.
Salamat sa video Charm. Mas dali ra kaayo sabton ang topic kay sa laing videos.
Hi Ms. Charms!
I think the computation for the graduated tax rate should be...
30k for the first 400,000
22,500 for 90k in excess of 400k x 25%
Total is 52,500 for the INCOME TAX
Income tax and business tax are separate.
Also, the 3% percentage tax is now 1% in the CREATE Law.
If Sales exceed 3M for a year, the business tax is subject to VAT as a requirement.
Hope this helps.
Hi, if for example I have a part time job and since it's parttime, the money I earn is less than the minimum wage, do I need to file for an ITR or that would make me exempted automatically?
@@omsim9954 Annual income of 250,000 pesos and below is exempted po. So kung dyan po and part-time nyo na kita, exempted po, no need to file ITR. Note: if not employed po ito
@@michailadelacruz4396 thanks po
I love how much info I can get from this, Charm!
Small comment lang: maybe you can format the way you show the sample computations or a similar thing by creating a template where the whole computation can be seen (some parts are covered by the footage of you). :D
Thanks, Jul! Haha
(To clarify) Only 1 part is covered and it was a repeated information lang of no business tax for 8% 😊
This video is surprisingly good. Very clear with the information provided.
Why school did not teach things like these??????
because of love
TRUE! We should have courses/subjects about taxation and bookkeeping!
I think they did Pero sa mga college of business and accounting lang. Sad noh? Dapat kasama to sa curriculum lahat nang college
Kurakot things
To keep us financially illiterate, poor and slave away as employees. 😅
Thank you! This is really helpful.
This was very informative content , on top of that i really appreciate every single explanation she did cause it was very clear to understand all the language she used ,even Im not really good in terms of english 😅
you need to clarify that not all foreigners earning income in Philippines are required to file their tax returns. they pay their taxes via the withholding tax system wherein their customers will be the one who will withhold and pay their taxes on behalf of these foreigners. who are these foreigners? those who have been in the Phils for a special project or a one-off project in a given year (lless than 180 days). also, in respect of the tax computation under itemized deduction, the tax due should be 52.5k not 50k(90k excess x 25% + 30k). same is also true in Scenario 5, taxable income should be subject to 25% + 30k, hence, tax due should be 40k and not 38k. Minor comments though but we need to be careful in presenting tax computations to the public. nevertheless, good presentation! :)
paspasa sa subs imo channel oi. hehehehe. keep up the good job! na confident na jud ka mo make og youtube video ba heheh
Thanks, Mackyyy
This is an excellent video, no kuskos balungos :)
ang galing ng video mo ate., very helpful. salamat po ng marami! 👍
Thank you for this, Charm!
Thank you for the detailed explanation! My questions have been cleared up!!
Hello, thank you for a a very informative and easy to understand explanation. I just have a question on the first example on "Graduated IT rate". I think the tax due must be PHP 52,500 (=30,000 + (0.25*90000)), instead of PHP 50,000. Please let me know if I computed it incorrectly. Just to make sure I understood it right. thanks much more power to you!
CORRECT
very informative content. thanks a lot.😊
Hi ma'am can you make an updated version on how to file taxes as content creator?
Can you do a video about explaining and giving examples about how to read candle lights on graph, yung samples po ng tools .. and kung ano po yung magandang gamitin. I am trying po yung expert option pero hindi kopo maintindihan masyado.. even yung sa tools pano magamit. Terminologies. Sana po mapansin moto . Gusto kopo kasing mag try.. gusto ko din po syang mas maintindihan.
I explained candle sticks here : ruclips.net/video/WoF3wVn_sfo/видео.html
Just note that Expert Option is Options trading and not stock trading, it’s more risky and not really ideal for new investors. I also have more videos about stock investing in my channel.
@@CharmdeLeon thank youuuuu... Will watch po.. pati po yung vlog mo na nag explain ka about blue chip Companies.. salamat pooo please keep on uploading po. If ever po about currency din sana
Very helpful, please make an updated video for this. Thank you
Super helpful! Salamat po!
Thank you po for sharing.
This is very helpful! Thanks!
Thank you
Thank you Charm!!
Great and informative video, I like her contents, tho' she talks too fast I have to rewind most parts just so I can keep up particularly the computation part.
Aaaah. Again, you're the best.
Video Request: Ano po opinion niyo about GInvestment
Will make a video on this soon!
Thank you so much for this video! :)
Welcome! 😊🤗
Thank you for this video.. Big help for a new business owner like me. Would like to ask, do you also have a video on how to work on Books of Accounts for VAT? If we do use Taxumo, we still need to work on those books and accomplish it as required by BIR.
Hi! Can you do a video on how to claim tax treaty benefits as a content creator?
thanks for this!!!!!
❤️❤️❤️
do you have video about process in paying the tax?😊
Im confused in 7:07 Why did you subtracrted 250k from the Earnings of 500k? Where did the 250k deduction came from
Up
pls talk about those who are company employed full time worker and freelancers. What should we file? how do we file? what are the pros and cons ? i totally have 0 knowledge 😭
You need to file an itr for your freelancing too. Cos ur employer wont cover that part. Take the mixed earner bir form 1701
This is so helpful! Grabe ang bobo ko sa mga ganito 😂
Very informative! Question lang po. In scenario 3, the 180k tax that needs to be paid on or before April 15, required po ba that it be paid in full or pwede half bale 90k on or before April 15 and then the other half in June or July? Thanks po.
hi i hope u will see this but i would like to ask:
1. if aspiring filipino youtube content creators should register their business already even if not yet monetized?
2. also if a yt cc should register business name at dti if the name used for the channel is not the official gov't name?
3. is it better to register both early or wait until monetized?
4. if a yt cc is not yet monetized but registered, you don't need to file taxes since it is not yet earning right?
a response would be highly appreciated from you or anyone reading this!!!
THANK YOUUUU!
Question related sa taxation sa mga online business like job portals ie. Indeed, jobstreet, etc.
Does one have to pay tax if there is no income?
Do you guys have any idea how I should file my ITR since I have a double job with two different companies? Thank you
Ano po ang pwdeng ilagay sa other income? at meron po bang attachment needed if may other income? Thank you
It should be 25% surcharge and 12% interest per annum...20% is from NIRC, and it changed by TRAIN LAW to 12% na hehe
Hello po.Need po ng information regarding filling of income tax being a freelancers.
Thank so much for this video.
while evaluating if I should go for 8% flat rate or Graduated IT rate, my bookkeeper told me that from 3% binababa daw ng 1% ang percetange tax?
As far as I know it’s still 3%, you can check out the table on BIRs website: www.bir.gov.ph/index.php/tax-information/percentage-tax.html
You can look up the CREATE law if you’re covered with the 1% percentage tax.
2024 online sellers shopee lazada tiktok shop in here? 🤭
👇🏻
Hi maam! This is out of topic but if you have any idea regarding the reciepts from suppliers do i need to keep all of it and will I hand it over to the bir ?
Ask q ln Yun sa gross income,ano b Yun?Yun b Yun benta o tubo(pinakaKITA) TY
Hi Mam. where did you get the 50K in the graduated tax table since it's not 8% right?
I have that book behind you Tony Robbins
When filing for an ITR for self employed po do they require payslips? Or proof of your income?
Hi. How about tulad ko na global stock trader, anung form pi fillup-an ko? and can you make a video specially for this? TIA
So helpful. How about if filling for multiple business under 1 name? 😊TIA
Hi po. Di ko po gets ung scenario 4.. hindi ba ito ung compensation, 8% din if option 1 ung gagamitin sa train law? Pag 8% din ung dun sa business income and no percentage tax to compute na.
Hello! May I ask if how can I process that.. My guardian works abroad po eh
What if you’re earning in global markets - stocks, ETFs, cryptos, indices, currencies, and commodity?
You can declare the profits and it will be taxed according to the tax code: capital gains/dividends.
How about seafarers? Is it exempted also?
Good day ma'am. I would like to ask lang po. How about po yung remote employee ka abroad and residing kapo dito sa Philippines. Which country po ang magfifile nung tax po. At maiiwasan po ba yung double tax deductions po.
if you live in the Philippines, you need to pay taxes here. Usually employers abroad take withholding tax to remit there and you pay for business tax and income tax here. All proper taxes/not "double taxed"
@@CharmdeLeon thank you po sa pagsagot. In summary, taxes abroad po ay kinakaltas na nung employer palang po and yung responsibility ko po is yung income tax here in Philippines...
@@DaedalusPH yes ☺️
@Ready2Adult PH paano po kapag yung work po e base lang po sa dami ng gawa kapag marmaing gawa maatas po ang sahod? freelancer lang po remote job po. Magbabayad pa po ba ng tax?
Hi. Saan po kaya na category ma.fall yung traders na hindi sa pse? Yung global stocks, forex, crypto, etc.
Hello! Great videos, so can content creators and youtubers just file under the flat 8% IT rate? Your reply will be greatly appreciated. Thank you
Yes! You will need to indicate this at the beginning of the year
@@CharmdeLeon thank you 🙏
Hi, if for example I have a regular job that files my tax and I got a part time job and since it's part time, the money I earn there is less than the minimum wage, do I need to file for an ITR or that would make me exempted automatically?
Up!
hi po did you get an answer for this po?
Hi! If I file at taxumo, will I be able to get my ITR copy immediately?
Pano po pag employed and they pay my taxes automatically na. Pano ko naman ipapafile ang income ko sa freelance? Naconfuse kasi ako na i add sya sa income yung nadiscuss mo about mixed incomes? Parang diba madodoble sya kung naifile na sya ng employer ko? Thanks po.
You will file for mixed income na. You need to ask for your 2316 from your employer
@@CharmdeLeon thank you po!
nice information !
can we switch between flatrate and graduted table every month/quarter filings?
Hi im about to embark in the freelancing world and I would like to have more info about the tax process as a freelancer..thank you.
Question po, is CoR equivalent to Business Permit? Thanks sa sasagot.
How about, i am reg employee for different job, then i have PTR for diff profession for the same employer? Thank u
Hi. How do I know if my income tax is 8% or graduated? In my COR, it only states under "Tax Activities" the following: income tax, registration fee, and percentage tax - quarterly? If I earn below 250k, do I still need to pay income tax and percentage tax? hoping for your response
You'd have to inform them at the start of the tax year if you're going for 8% or graduated. No need to pay but you need to file
@@CharmdeLeon if my income tax is zero, do i still need to file quarterly or annually?
im curious how day traders (stockl market traders) file taxes
Paano po yong expenses like pagtayo ng tindahan pwede po bang i spread out at hanggang kailan?Thanks
Pano po pag commission bases. Tapos may business..
ito po ba yung mga taxes na binabayadan natin sa purchases? and mababalik ba sa atin yon ng BIR through ITR?
hello.. how about part time job do they need to pay taxes on there own? and what if they were not able to pay taxes for 2 years because they are a part time job only were they get penalty?... I hope I need clarifications thanks
Hi, if your earning thru global markets but you are using spreadbetting broker account? Ive seen a video saying that spreadbetting is taxfree but i dont know if it is the same with philippine tax laws.
Good morning.. Ms. Charm! Isa po akong ofw na may business sa pinas Ano pong kailangan ko I file sa Bir? Sana po ma pansin nyo concern ko. Salamat🙏
Paano naman po yung mga food panda or other delivery
Hi. Does Taxumo accepts credit card as payment method?
Yes! They have e-wallets also like grabpay
Hi! Ano po ang BIR Form if 1 residential rental income 12000 monthly?
You can refer to your BIR 2303 (explained it here : ruclips.net/video/U_0B2hZVpUA/видео.html)
Hi, stupid question po 😅 nalilito kasi ako. Pag po ba freelancers, option din po ba if quarterly kami mag file or, annual? which is ito pong annual income tax? Thank you
Quarterly and annual filings are required ☺️
@@CharmdeLeon Thank you so much po
Mam panu kumuha ng ITR ang self employed na di naman taxable ang income
still waiting for the next episode of this please 😍
if a business started feb2021 kelan po ang tax payment due nya for the first quarter? Is it the following year pa po?
May 2021. August 2021. November 2021. April 2022
Good day po! Nagstart po ako ng online business as a sole proprietor nong Feb.2024. Nakakuha po ako ng COR sa BIR ng April 3 lang. Saan po ako magbase para sa ITR ko sa February po or sa April at need ko narin po ba magfile ng ITR ko every quarter this year?Sana masagot po Ma'am. Thank you and Godbless po!
Since you mentioned that i have to inform them at the start of the year if ill be choosing 8% or graduated, which of these do i choose since i need to file the 1701Q this 3rd quarter? Do i select graduated? My business was registered mid-year last July 2021.
hi for freelancer choose the 8% tax, do we file it annually or still quarterly? I just notice it sums up annual gross right?
Still quarterly ☺️
At 7:33 How do you get Tax Due of 50k in graduated?
Hello charm, hindi ako na kapag file ng ITR last year. What should I do?
Hi po can you help me how ofw can apply an ITR by step.
Hello, Is Rental Income Creditable Withholding tax and Other CWT included in the computation? If so, do I have to add it or minus it?
Minus it. It’s the same function as the withholding tax.
What counts as Business Expense? If Im a freelancer Video editor and I bought a laptop for video editing, does that count as business expense?
hi po , saan nyo ba kinuha yung 250,000 sa mga sample computations nyo?
Mam, Paano po pag nakakuha na ng COR tpos di pa po nagkaka income? VA po kc ako and nag aapply pa lang ako ng work.