Date: January 7, 2025 Businesses in the Philippines holding inventory for sale must submit an Inventory List to the BIR annually. This report outlines the details of all inventories held as of the last day of the financial year. Key Points to Remember: What is the Inventory List? The Inventory List is a mandatory compliance…
Registering your business is the hardest. If you want to DIY your business registration, here are 12 things you need to do to legitimize your practice. The BIR registration process can be intimidating, especially for doctors and physicians with busy schedules. In this guide, we provide a detailed and comprehensive overview of how to register…
What’s a Mixed-Income Earner? Mixed-income earners typically have multiple sources of income, such as a regular salary, freelance work, business profits, or investment returns. Managing and understanding these various income streams is crucial for financial planning. Why Does it Matter? Different sources of income may be subject to different tax rates and regulations.…
What’s BIR Form 2316? BIR Form 2316 is like your tax report card. This form summarizes your income, compensation, bonuses, and the corresponding taxes that your employer has already taken care of. In other words, it’s the cheat sheet you need when filing your taxes. Why Does it Matter? When tax season rolls around,…
Do you wish to skip this whole process entirely? Consider exploring Beppo – an all-in-one bookkeeping app built for the unique needs of self-employed individuals in the Philippines. Doctors and physicians, as essential members of the healthcare community, are not free from the responsibility that comes with maintaining tax compliance. With its many stages…
What’s BIR Form 2307? Think of BIR Form 2307 as a receipt from your suppliers or clients that serves as evidence of income received or payment made subject to creditable withholding tax. This form is commonly used in business transactions where one party withholds taxes from payments made to another party. Why Does…
Remember the Books of Accounts you received when registering your business? They require periodic renewal based on the type of books you’re using. If you need a refresher on this topic, you can find comprehensive information on bookkeeping here. Here are the renewal deadlines for different types of books: Manual Book of Accounts…
Ensuring that everyone has a place to call home is one of life’s fundamental necessities. To address this need, the government established the Home Development Mutual Fund, commonly known as the Pag-IBIG fund, back in the 1970s. Today, Pag-IBIG fund loans can be used for a wide range of purposes, making it a valuable resource…
Hospital expenses and other healthcare costs are unquestionably among the most significant and often unforeseen financial burdens that impact individuals, particularly self-employed individuals/professionals, and solopreneurs. As a solopreneur, you have likely invested a substantial portion, if not all, of your resources into your business. Therefore, in the event of a severe illness or accident, this…
Being a self-employed individual/professional or a solopreneur means that you are not covered by an employer for your Social Security System (SSS), Home Development Mutual Fund (Pag-IBIG), and Philippine Health Insurance Corporation (PhilHealth) contributions. For individuals who have transitioned from employment where these contributions were automatically deducted from their salary, it is advisable to continue…