Stay informed on financial strategies, tax tips, and compliance essentials in this comprehensive category.
Understanding and computing income tax is a crucial aspect of financial literacy for individuals and businesses in the Philippines. This report provides a comprehensive guide on how to calculate income tax using various methods and addresses some frequently asked questions. Common Deductions and Credits Taxpayers in the Philippines can reduce their taxable income by claiming … Read more
If you’re tired of the old way of filing and paying taxes in the Philippines, the BIR eFPS could be a good option for you. eFPS stands for eFiling and Payment System. It lets you take care of your taxes online, from anywhere you have internet. If you like the idea of an easy, paperless … Read more
The eBIRForms system is a great tool for people in the Philippines who don’t use the eFPS tax system. It makes preparing and submitting tax forms easy and reliable. Anyone can use it, even if they don’t have internet access. The system has two main parts. One is a software you can download to fill … Read more
When it comes to computing your income tax, it’s essential to be meticulous to avoid any penalties from the Bureau of Internal Revenue (BIR) due to miscalculations. This guide will help you understand the key terms and steps involved in income tax computation, specifically under the TRAIN Law Tax Table for 2023. Please note: This … Read more
Do freelancers have to pay taxes in the Philippines? How much tax should I, as a freelancer, pay? How can freelancers get something called an ITR? You might have heard these questions and more in various chats online or in person. A lot of freelancers in the Philippines don’t really know much about how to … Read more
It’s pretty common for people to switch jobs. They might move to a different company that offers better things, or they might leave their job to start their own business. When you change jobs, you have to update your tax records. These records are kept at a place called the Revenue District Office (RDO), and … Read more
If you’re running a business or practicing a profession registered with the Bureau of Internal Revenue (BIR), you have to keep track of your financial transactions using books of accounts. If you’ve just started a new business and haven’t chosen a different way to record stuff, you’ll probably end up using Manual Books of Accounts. … Read more
Do you urgently need a copy of your Income Tax Return (ITR)? Whether you’re applying for a business loan or a credit card, this easy-to-follow guide will help you figure out how to get a copy of your ITR. It’s important stuff, especially when dealing with money matters! What’s an Income Tax Return (ITR)? An … Read more
Just like we can’t avoid death, paying taxes is something we all have to deal with. Whether we like it or not, taxes are a part of our lives, starting from when we’re born until we pass away. Sometimes it might feel confusing why we have to pay certain taxes, or if the money we … Read more
Did you know that not everything you earn gets taxed? In the Philippines, some incomes and transactions are tax-exempt. Certain people and organizations don’t have to pay taxes at all. It’s important to know both what taxes you owe and if you qualify for any tax exemptions. This article explains who doesn’t have to pay … Read more