SAWT or also known as Summary Alphalist of Withholding Tax at Source serves as a consolidated alphalist of withholding agents from whom income was received and are subjected to withholding agents in the process. Who needs to file SAWT? This needs to be submitted by the payee as an attachment when filing tax returns on…
Category Archives: Taxation
Video: How to Compute your Income Tax Return (Train updated) for DOCTORS AND PROFESSIONALS
Are you clueless on how taxes are computed? Do you wish you can counter-check the computation of your accountant and book keeper before paying? Do you fall victim by paying more than you need because you don’t have any idea what you’re paying? Then… Welcome to the first VLog of MyFinanceMD. Due to public…
How to Compute and File The 2nd Quarter Income Tax Return (TRAIN Edition)
This is the 2ND part in filing the Income tax return. Kindly see the 1ST part of this post. Filling the First Quarter ITR. Click here. Before you can file your 2ND Quarter ITR, you will be needing the following: Your 1ST Quarter ITR Your gross income from April, May, and June 2018. Your form 2307…
Green Book For Doctors – A Physician’s Survival Guide to Personal Finance – Coming Soon
Green Book For Doctors – A Physician’s Survival Guide to Personal Finance Mathematics and any subject that deals with numbers have been my favourite subjects since I was young until college. After finishing Medicine, that did not stop me from pursuing my first love, I enrolled in finance courses and later on finished and became…
How To File The First Quarterly Income Tax Return (TRAIN Edition)
BIR just recently announced in its website that the much awaited quarter income tax return form 1701Q is now available. This is the process for manual filing.What you need to do: Download the form. (download here) Print 3 copies, then fill-up manually. Affix signature. If with payment, file and pay in Accredited Agent Banks. If…
You have to do this NOW to Decrease Withholding Tax to 5% Deadline on April 6, 2018
The latest rule, RR No. 11-2018 on WithholdingTax (WHT) was published by Bureau of Internal Revenue (BIR) in the mid of March 2018. The change of rule is regarding Withholding Tax (WHT) rates for professional fees, talent fees, commissions paid to individual payee. This includes doctor’s fee for services done. The…
8% OPTIONAL FLAT RATE vs. GRADUATED TAX RATES, Which is better for Self-Employed Doctors?
8% OPTIONAL FLAT RATE vs. GRADUATED RATES, WHICH IS BETTER FOR Self-Employed Doctors? This is the most common question I get from doctors nowadays, even from non-doctor friends. Section 109 of the Tax Code, as amended by Section 34 of RA 10963, the new option of the TRAIN for self-employed taxpayer is the availment of…
8 Facts Doctors Need To Know About the TRAIN and How It Will Impact Your Income Tax
Previously, MyFinanceMD, has been clamoring for TAX REFORMS, since our tax system has not been updated to reflect inflation. See this post: AlDub and Philippine Tax Reform In fact, our tax system’s last update was made 20 years ago. Imagine that! If you are earning more than 500K per year, you are being taxed at…
