All business, no matter how big they have become, always start small and singular. There is no shame at all in doing what you can to minimize your expenses since that is what every business should do in the first place. Cutting costs is seen by most as a desperate means to stay … [Read more...]
How to Make Accounting Journal Entries
After identifying and measuring your business transactions, you will now move to the recording process of accounting. The first phase of recording is making the journal entries (journalizing) that should be recorded in the general journal or special journals, such as sales … [Read more...]
What are Deductions and Exemptions to Income Tax (Philippines)
What are the deductions and exemptions you can claim against your taxable income in computing income tax and preparing your annual tax return? The computation for income tax expense and payable for individuals and corporations (including taxable partnerships) differs. Individual … [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...]