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…
Venturing into self-employment in the Philippines? Then you’ve likely come across the BIR. Let’s unravel the mystery! Introduction to BIR Registration The Bureau of Internal Revenue (BIR) is the primary government agency tasked with tax collection in the Philippines. For self-employed folks, BIR registration is a pivotal step to legitimize their operations. Why is BIR…
As a student, you’ve likely heard the term “freelancing” tossed around, but what does it truly mean? Freelancing is a type of self-employment wherein you offer your skills or services to clients on a per-project basis. Unlike traditional employment, where you’re bound to a single employer and work according to a fixed schedule, freelancing allows…
In today’s gig economy, financial stability can sometimes seem elusive. Irregular income streams and lacking traditional employment benefits necessitate a savvy financial management approach. In this context, understanding two fundamental financial concepts–saving and investing–is critical. Both saving and investing are cornerstones of sound financial management, but they serve different purposes and are influenced by other…
