BIR Form 1701Q, also known as Quarterly Income Tax Return For Self-Employed Individuals, Estates and Trusts (Including those with both Business and Compensation Income) is a tax return intended for professionals and self-employed individuals who are engaged in a sole proprietorship business.
Follow these steps in adding your 1701Q (Quarterly Income Tax Return) report in JuanTax
I. During Setup (Important)
Make sure that you had classified your organization as an Individual during the setup.
II. Generating 1701Q Reports
Step 1: Go to your dashboard > Income Tax Return> Choose the 1701Q tab then click the Generate Report (+) to continue
This dialogue box will appear, click “Accept and Continue”
Step 2: Select the year, as well as the appropriate quarter for the return > Click Generate button.
III. Tax Rate Option
Step 1: Choose between (1) Graduated Rates per Tax Table
(2) 8% on gross sales/receipts and other non-operating income
Step 2: You will see this dialog box. Click Save to continue.
Step 3: Go back to input summary
IV. Exploring Input Summary
After generating your report, you’ll be prompted to the Input Summary page.
The Input Summary page contains the exact information included in an actual quarterly income tax form. That is why you need to go through all of the sections to successfully file your return.
Note: You need to fill out the Background Information section in order for you to proceed with other sections of the form.
A. Background Information
a1. Date of Birth
Enter your date of birth, as included within line 11 of your 1701Q form.
a2. Filer Type
You need to choose the appropriate file type between the following radio buttons: (1) Single Proprietor, (2) Professional, (3) Estate and (4) Trust. Click the Save button to continue.
a3. Alphanumeric Tax Code (ATC)
Step 1: Choose the appropriate alphanumeric tax code (ATC):
(1) Business Income
(2) Income from Profession
(3) Mixed-Income
Step 2: Click the Save button to continue.
a4. Civil Status
Step 1: Confirm your civil status by choosing between:
(1) Single
(2) Married
Step 1A: If married, populate sections such as Spouse’s Employment Status as well as Spouse’s Information. For your Spouse’s Employment Status, confirm if your spouse is either:
(1) Employed
(2) Unemployed
Step 2: Click Save button to continue > Go back to input summary
a5. Other information
After finishing Background Information, all the other sections of the form will now be available for you to access. Go back to the input summary page by clicking the Back to Input Summary button.
b. Sales / Revenues / Receipts / Fees
In this section, you need to enter the transactions (e.g. Sales, Revenues, etc.) which are needed for your quarterly income tax return.
Step 1: Click the Add Transaction button to continue.
Note: Aside from adding a transaction you can add sales too. There are also options for you to edit, remove, search and refine search per page.
Step 2: Add transactions or Add Sales
b1. Adding Transactions
Step 1: Click on the “+” button then populate fields with the appropriate information.
Note: You can always add another line for transactions by clicking the +Add Line button
Step 2: Save Changes
b2. Adding Sales
Step 1: Click on the “((+)” button then populate the fields with the appropriate information
Step 2: Save > Go back to input summary
c. Non-Operating Income
This includes income of the Taxpayer/Filer which comes from anything other than its ordinary operations, as mentioned in lines 43A and 43B of 1701Q form. This will be added to Gross Income from Operation in order to get the Total Gross Income for this quarter (line 32A and 32B).
Step 1: Click the Add Transaction > Continue
Note: Aside from adding the report, there are also options for you to edit, remove, search and refine search per page.
Step 2: Populate fields with the appropriate information.
Note: You can always add another line for transactions by clicking the +Add Transaction button.
Step 3: Save Changes > Go back to Input Summary
d. Prior Years' Excess Credits
Step 1: Click on the Add Transaction button (+ icon) to start adding amounts
Note: Aside from adding the report, there are also options for you to edit, remove, search and refine search per page.
Step 2: Populate fields with the appropriate information > Save Changes
Note: You can always add another line for transactions by clicking the +Add Transaction button.
Step 3: Save Changes > Go back to Input Summary
g. Creditable Tax Withheld Per BIR Form No. 2307 for this Quarter
This section contains a list of all creditable tax withheld transactions for the whole quarter included in your BIR Form 2307, which shows income subjected to expanded withholding tax paid by the taxpayer.
Step 1: Click on the Add Transaction button (+ icon) to start adding amounts
Note: Aside from adding the report, there are also options for you to remove, search and refine search per page.
Step 2: You need to create 2307 transactions for it to appear within this section of the report
Step 3: Go to Dashboard > Tax Forms> Creditable Certificate > 2307 Certificate tab
Step 4: Add or import transactions
You can either create transactions manually or importing transactions in an instant.
If you choose to manually create transactions, Click the Add Transaction button (+ icon), or click the Create Transaction(s) button
Step 5: Populate fields > Click Save
Step 6: Go back to 1701Q form, add transaction then the record will appear in the creditable tax withheld section of your 1701Q return. Check the box of the transaction > Apply
h. Foreign Tax Credits
This includes the income of the Taxpayer/Filer which comes from anything other than its ordinary operations, as mentioned in lines 60A and 60B of 1701Q form. This will be added to Gross Income from Operation in order to get the Total Gross Income for this quarter (lines 32A and 32B).
Step 1: Click on the Add Transaction button (+ icon) to start adding amounts
Note: Aside from adding the report, there are also options for you to edit, remove, search and refine search per page.
Step 2: Populate fields with the appropriate information > Save Changes button. Note: You can always add another line for transactions by clicking the +Add Transaction button.
i. Other Tax Credits/Payments
This includes the income of the Taxpayer/Filer which comes from anything other than its ordinary operations, as mentioned in lines 61A and 61B of 1701Q form. This will be added to Gross Income from Operation in order to get the Total Gross Income for this quarter (lines 32A and 32B).
Step 1: Click on the Add Transaction button (plus icon) to start adding amounts.
Note: Aside from adding the report, there are also options for you to edit, remove, search and refine search per page.
Step 2: Populate fields with the appropriate information > Save Changes button.
Note: You can always add another line for transactions by clicking the +Add Transaction button.
j. Penalties
Data in this section can be generated manually or automatically. To manually generate data, type the penalties for surcharge, interest, and compromise.
Step 1: Click the Compute Penalty button to compute penalties for this report > Click Save Changes button to update your changes
k. Taxpayer / Authorized Representative / Accredited Tax Agent
Step 1: For your authorized representative, you need to populate fields > Save
V. Preview of the Report
You can also access a preview of the actual report by clicking on the Report tab next to Input Summary.
VI. Notes and Activity
To see the audit trail of activities made within the report, all you need to do is to click the Notes & Activity tab.
VII. Filing the Report
Simply file your report by following the guidelines mentioned in this article through our Help site.
VIII. Paying 1701Q Returns
Follow the steps in this article for you be to able to pay your filed tax return in JuanTax.