How To Get Your T.I.N

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source: http://www.cbc.ca

This post might be out of the ordinary but I guess as a CPA I have to explain some points why it is necessary for an individual or a entrepreneur to secure a T.I.N.(Tax Payer Identification Number).

 One of our readers ask if he can open an online stock brokerage account without a T.I.N. and advice him to inquire if the T.I.N. can just follow. Unfortunately the online stock brokerage firm do require T.I.N. 

What is T.I.N. anyways?

As the name says, it is our B.I.R.'s way of identifying a taxpayer. A person or  juridical persons(these are "person" created via law like partnership and corporations) has to secure a T.I.N. in order for B.I.R. to properly assigned what taxes should you be paying based on the sources of your income.

The T.I.N. acts like an I.D. for all taxpayers. In the US the main Identifications use is the SSN(Social Security Number) and Driver's License number. These two numbers will be needed in one's day to day transactions since these are highly monitored number by US government agencies.

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Now in the Philippines nearest highly monitored number is T.I.N. because all employers are required to secure each of their new employees who does not have  yet a T.I.N. So if you are employed or just got employed, you should have a T.I.N. number already. You might have filled up a B.I.R. form during your orientation process, that form is your T.I.N. application. Ask your Human Resources department if they haven't given you your number. Once registered they usually give back a temporary T.I.N ID card. You can laminate this piece of paper and it will surely served as one of your I.D.

source: http://businesstips.ph

Below is a sample of a permanent T.I.N. card

source: http://cebu-philippines.ph

Now if you have not been employed yet but you are planning to be a business owner or will be practicing your profession. You can secure your T.I.N. online through the B.I.R.'s website under the EREG

source: http://www.bir.gov.ph

Register online and pay the corresponding registration fee if you are a sole proprietorship or a professional(which I believe is 500 pesos) through AAB(Accredited Agent Banks).

Tax Filling Deadline

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source: http://www.picostation.com

Just a reminder. Its that time of the year again where you have to cram, argue with your accountant or tax preparer, fall in line the whole day, and get ready for questioning at the tax bureau. 

In the Philippines the deadline will be on April 16, Monday, while here in Guam and USA it will be on April 17, Tuesday.

It is a big deal here in US because unlike the Philippines where ordinary employees with one employer don't have to file necessarily file as long as their employer included them in the substituted filling. Here in Guam and the rest of the USA all have to file in order to avoid penalties and if they have overpaid their taxes, a refund which everyone here in Guam awaits.

Well to avoid all the hassle: 

• Always keep your receipts and other important documents on hand
• Work with your accountant or tax preparer
• Don't think of cheating or evading just prepare your taxes in accordance to the law and who knows you might find out some additional deductions which you were not claiming before
• Always file early to avoid the long lines.