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How do you fill up BIR Forms 2551M (percentage tax)?

Asked by: megan 5248 views YA Discussion

How do you fill up the forms of 2551M and does anyone have a sample formed which is filled up so i could understand it much better. thanks and also if its possible to explain how to fill up the Quarterly Income Tax Return form also. thanks

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4 Answers

  1. TaxAcctgCenter on Aug 19, 2011 Reply

    The question require a lengthy answer but let me try to give you a brief one. In 2551, you simply fill out the total amount of gross sales, if you sell goods, or gross receipts, if you sell service, and have it multiplied by 3% to get the tax due, which you will remit to the BIR. For quarterly ITR, the gross sales/ receipts and allowable deductions declaration is cumulative (eg. for 2nd quarter, it covers six months sales and expenses). If first quarter ITR, you may opt for optional itemized deduction of 40% (based on gross sales/receipts for sole proprietorship of gross income for corporate taxpayer). Under OSD, no substantiation is required and 40% is automatic even without actual expenses for those engaged in trade or business, or practice of profession.

    If you would not mind, we offer BIR compliance tutorials. Please visit our programs at taxacctgcenter.com. Hope the above helps a bit.

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  2. regiena Francisco on Sep 18, 2011 Reply

    sample properly accomplished 2551m

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  3. regiena Francisco on Sep 18, 2011 Reply

    sample filled up form 2551M

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  4. Gherns Calina on Mar 17, 2015 Reply

    how do you fill up 2551 form for NO INCOME? there is no box or option where you can declare it as “no income”.. can you help me with this.. thanks

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