Carol Soriano
It's tax season once again, and everybody's preparing to do their filing soon. It can be quite baffling trying to determine how income tax is computed by our employers. So to make things easier to understand, we're providing you with a quick guide on how to compute your income tax.
It's tax season once again and many of us are no doubt dragging our feet and waiting until the deadline on April 15 to file our taxes. It pays to file our taxes on time though but it is better if we file them early. Here are a five reasons why.
Know the schedule of submission, filing, and payment of taxes for the whole month of March 2015. In the meantime the Bureau of Internal Revenue (BIR) now requires the use of their eBIRForms, for more information about the BIR's new memorandum read our article: eBIRForms - Everything You Need to Know This information is gathered from the Bureau of Internal Revenue website and from the Know Your Taxes website.
One of the most important forms all employees must know about is the BIR Form 2316. It is something you must receive every year as proof that taxes have been deducted from your income. Read on to learn more about it. Want to learn more about other BIR forms? Check out our Ultimate Guide to BIR Forms post.
For freelancers, professionals or entrepreneurs (either a single person proprietorship or entity - partnership, corporation) that get to file their own taxes, you can use business expenses to lower your net income, hence, your income tax as well. These are called deductions.
One of the most important forms that employees doing freelance jobs on the side, employers who accept project-based or freelance employees and freelancers must know about is the BIR Form 2307. It is something you must file together with your Quarterly/Annual Income Tax Return - BIR Forms 1701Q / 1701 for individuals, or BIR Form 1702Q/ 1702 for non-individuals - for income tax liability.
During tax season, everybody's concern revolves around preparing to file their taxes in order to beat the April 15 deadline. However, beating the deadline should not be their only concern. More importantly, people and businesses must take extra care about the documents they use when filing.
Accounting is an essential tool for any business. However, one must differentiate between financial and managerial accounting because they provide different types of information and serve different objectives. Below are the 5 ways that show how different they are.
