How to avoid a BIR tax audit? April 15 is fast approaching and you need to make your annual income tax complete, filed and paid before that deadline comes. But though you need to hurry to make it before the due date, it’s still better to be prudent in the preparation and … [Read more...]
Deductible Expenses (Allowable Deductions) in the Philippines
April 15 is fast approaching, and if you have taxable income, you need to file and pay your income tax before that due date. In computing your income tax, you need to determine your deductible costs and expenses to arrive at your net taxable income. In doing the computation, we … [Read more...]
20 Tips to Avoid BIR Tax Penalties
Taxes are burden imposed to persons and entities who earn income, engage in business, transfer personal or real properties, and other taxpayers who are required to pay taxes by the National Internal Revenue Code (NIRC) and other applicable laws. If a tax means cash outlay, … [Read more...]
Business Taxes in the Philippines
Business taxes in the Philippines can either be Value Added Taxes (VAT) or Percentage Taxes. Furthermore, an Excise Tax can also be imposed on certain taxpayers who are in the course of trade or business as an addition to VAT. Unlike an income tax, which is based on the … [Read more...]
What Taxes Should I Pay in the Philippines (Self-employed)
What taxes should you pay in the Philippines? What taxes should self-employed individuals pay in the Philippines? Self-employed taxpayers are those individuals who receive income from business or from practice of profession. Persons who receive mixed income (income from business … [Read more...]