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2017 Project 365, Day 250: 2551M Cheat Sheet

Photo #250: September 7

Because filing our 2551Ms is confusing, I finally made this “cheat sheet.” May we never get tired of reminding and asking each other about what to include in our BIR forms.

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2017 Project 365, Day 136: Amended 2551M

Photo #136: May 16

Finally clarified what should be done when there is underpaid tax in an amended 2551M! I tried paying it last Friday, but both banks I visited said I must go to my RDO first. Anyway, you should bring 3 copies of your amended form/s to the officer of the day. He will compute the interest earned, stamp the forms, and sign them. That’s it! Well, of course, I had to go to the bank again to finally pay the balance with interest. As for amended 2551Ms that are overpaid, just keep copies for yourself as well as their corresponding confirmation emails – no need to have them received by your RDO. Ang habol lang naman ng BIR is pag may kulang kang bayad eh hahaha =p So here’s my updated blog post about 2551M amendments.

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2017 Project 365, Day 38: Monthly Percentage Tax

Here’s a continuation of my tax experience as a self-employed professional: percentage tax filing. Well, I attempted to do it hehehe! Practice! I plan to complete this, including the payment, before the deadline, which is on the 20th of every month. From what I read, it’s usually 3% of a tax payer’s gross monthly income, but it can reach as much as 30%. Bummer. Anyway, I am motivated more than ever to work harder and manage my finances better. Adulting is hard, but I’ll live. 😀

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