Graduated Income Tax Rate with Optional Standard Deduction (OSD) or 8% Income Tax Rate: Which one is Better for Small Business Owners
The Bureau of Internal Revenue (BIR) allows business owners and professionals to choose either the Graduated Tax Rates with OSD or the 8% Tax Rate in computing for their income tax. This simplified way of tax computation makes filing and paying taxes easy. Now, small…
How will the Voluntary Assessment and Payment Program (VAPP) Benefit Businesses
The government’s fight to eradicate the COVID-19 virus continues despite the dwindling public funds. Thus, the Bureau of Internal Revenue (BIR) issued Revenue Regulation 21-2020 (RR 21-2020) or the Voluntary Assessment and Payment Program (VAPP) as a way of collecting additional funds needed during these…
3 Major Tax Provisions of ‘Bayanihan 2’ That Every Business Owner Should Know
The rising cases of COVID 19 patients in the country call for more drastic measures. The outbreak created global chaos, which affected the health and economic sectors of the country. To mitigate the effects of COVID 19, the government passed into law, Republic Act (R.A.)…
What You Need to Know About SEC Memorandum Circular (MC) 28 Series of 2020
You probably heard that the Securities and Exchange Commission (SEC) has released its memorandum about the mandatory submission of Email Addresses and Cellphone Numbers for SEC Transactions (Memorandum Circular 28 Series of 2020). The said circular mandates every company (corporation, partnership, association, and individual) under…
How to Check If Your Business Name is Still Available
Selecting your business or brand name should be given utmost importance when starting a business. After all, it’s going to be your identity that will reflect your promise and brand values. Just like what other entrepreneurs say, a business always starts with a name. But,…
BIR Registration: 3 Simple Steps for Freelancers
Taxes can sometimes give freelancers and self-employed professionals an uncomfortable feeling. It’s something that most freelancers want to avoid and don’t want to wrap their heads around. It’s a tedious process they will have to do the filing work themselves. But, whether you like it…
Top 3 Reasons to Register Your Business with the BIR
Bureau of Internal Revenue (BIR) Business Registration is usually not part of the priority for enterprises that have been in business for quite some time now. However, for those who are just getting started or those who’re operating their businesses in an informal manner, it’s…
3 Leading Lucrative Small Business Ideas in the Philippines
Do you intend to start a small business in the Philippines, but don’t know where to start? This article is going to be really useful for you if you are looking for profitable small business ideas you can start in the Philippines. Today is an…
Why Use Quickbooks for Small Business
QuickBooks is a small business accounting software program businesses use to manage income and expenses and keep track of the financial health of their business. The product line of these offers several solutions that are great for anyone, from individual entrepreneurs to mid-sized business. Uses…
All You Need To Know About Business Permits’ and Schedule of Fees
A business community’s safety, structure, and appearance are necessary. Business permits are used to regulate these components. A proof that your business complies with certain laws and ordinances is what a business permit signifies. Jurisdiction determines the requirements. Fines or penalties must be paid when…
