Easy as it may be read, the intricacy of selling a bookkeeping practice must be taken into account, considering the processes and decision-making involved in it. You have to make sure that it is a win-win situation for you, your existing clients, and the firm you are negotiating with. Here are some of things you…
Are you a self-employed individual or freelancer in the Philippines struggling to keep up with bookkeeping and tax filing? Managing books and numbers while focusing on your craft can be overwhelming, but don’t worry! With the rise of automation here and there, the good thing is a solution comes at an arm’s length. Let’s discuss…
Effective from January 1, 2024, Revenue Memorandum Circular No. 8-2024 aims to clarify the provisions of Revenue Regulations No. 16-2023, specifically focusing on putting withholding tax on gross remittances made by online sellers and merchants.
Tax deductions are important for businesses in the Philippines, as they reduce taxable income owed to the government. In this guide, we discuss the management of official receipts to make sure businesses can capitalize on available deductions effectively. It’s crucial to understand that deductions are accessible when transactions are mainly for business purposes and supported…
Amidst the busyness of starting the new year, we taxpayers must be mindful of our duties in completing compliance standards. This means keeping up with the reporting requirements established by both the Bureau of Internal Revenue (BIR) and the Local Government Units (LGU). Read more to learn about the deadlines: The BIR Compliance Annual Returns…
With the dynamic economic landscape in the Philippines, small businesses play a crucial role in driving growth and fostering innovation. For many Filipino entrepreneurs, the dream of building a successful business often starts with a good idea and a lot of determination. But along the way, one element that cannot be overlooked is efficient bookkeeping.…
The vibrant entrepreneurial spirit in the Philippines is unmistakable. As more and more Filipinos are embracing the self-employed route, understanding the nuances of the tax system becomes crucial. At the heart of this system is the income tax return (ITR), a document many Filipinos regard with a mix of uncertainty and confusion. But fear not!…
Tax Estimation: Old vs. New Every year, when tax time comes, people look for a ‘tax calculator’ to quickly find out what they might owe or get back. But there’s a newer, smarter way to do it called tax projection. Before you look for the usual tax calculator, check out this new way to estimate…
