Filing Taxes For Filipino Insurance Agents

Insurance Agents are commission-based jobs. Unfortunately, that means that your income is largely dependent on the number of clients you manage to rope in. That also means that your tax filings every year come out to different numbers.

It’s only natural that you’ll want to figure out how best to file your income tax returns. You might be asking questions like what forms do I need to use? Or where can I file my taxes?

Don’t worry, we’ll cover all that and more here in today’s article.

What Forms Do I File As A Filipino Insurance Agent?

There’s not really a specific set of forms that will fit all your needs, the forms you’ll use will depend on factors like your income and the presence of employees.

For taxpayers using the 8% income flat tax rate, for example, you’ll simply need to file your income tax and annual registration fee alongside a summary of Withheld Taxes and your Books of Account.

If you qualify for the graduated income tax rate, you’ll need to tack on your percentage tax as well as the items I mentioned above.

Now, here’s the interesting thing:

If your annual income exceeds that of Php 3,000,000, then you’ll need to submit over a dozen different forms.

These will include your monthly remittance form for Creditable Income Taxes Withheld Expanded, Quarterly Remittance Return of Creditable Income Taxes, Taxes Withheld Expanded, Quarterly Alphalist of Payees, an Issued Certificate of Creditable Tax, and so much more!

If you want to check out the full list, see the list in our VAT-Registered Individual Package.

Where Can I File My Taxes?

The eFPS or the Electronic Filing and Payment System is developed and maintained by the BIR. It is a portal where you can avail of paperless tax filing and settle your annual taxes from wherever you are.

The best part about this product is that it’s available 24 hours a day, 7 days, a week, inclusive of holidays.

Seems great, right? Unfortunately, the eFPS system is only available for mandated taxpayers are eligible to use the system. according to the BIR Website.

The Electronic Bureau of Internal Revenue Forms (eBIRForms) is also available for use but it does not autocompute your tax dues for you.

Your option, then, if you are not part of the mandated taxpayers to use eFPS is to go fill in your forms, proceed to the Authorized Agent Bank of the Revenue District where you’re registered and manually submit your BIR form.

But is there a more convenient way for you to comply with your tax filing and payment?

Well, lucky for you, online tools like Anantaks are here to help.

How Can Anantaks Help Me?

Anantaks was created with the everyday taxpayer in mind. Built by a team of accountants and CPAs with combined decades of experience, the purpose of the platform is to bring accuracy and convenience to the tax filing process.

With fixed set of subscription plans that will autogenerate your tax dues computation and tax reports once you fill in user-friendly forms with the proper details, Anantaks enables you to file your taxes online through our portal - a big step up from having to manually submit your completed reports.

The platform contains specifically curated subscription plans for insurance agents. If you’re an individual engaged with the business but whose earnings do not exceed Php 3,000,000, then you should opt for the Anantaks Self-Employed Package. If your annual income does exceed the limit of Php 3,000,000, then we urge you to take on the Anantaks VAT-Registered Individual Package.

The primary differences between the two are how the taxes are computed and the forms it autogenerate but rest assured that regardless of the subscription plan you choose, you will be given the option to instantly submit your tax forms to the BIR.

Anantaks is obsessed with making taxation an easier process for everyone, why not join the revolution?