Writing articles about things doctors should know about Taxation 101 makes me a go-to person to ask, especially from doctors who has zero knowledge on numbers, more so, taxes. Even though I write articles that are simple to digest, doctors really don’t have enough time to sit down and understand everything I write. I…
Category Archives: Taxation
For Doctors: How to Avoid Tax Mapping Penalties when BIR goes to your Clinic
The Bureau of Internal Revenue (BIR) are doing their regular rounds or “Tax Mapping” to different business establishments to inspect compliance, and doctor’s clinic is one of their favorite. Tax Mapping is also called as Tax Compliance Verification Drive done usually every quarter. Its purpose is to inspect compliance of business establishments like your clinic…
Filipino Doctor’s Taxation: Monthly Percentage Tax
Question: Tax was already deducted in my income, what is Percentage tax? How come I still need to pay this monthly? Percentage tax – is a tax imposed for those who sell or lease good, properties or services, including those practicing medical profession with gross annual sales and receipts of less than P1,919,500 in…
Doctor’s Taxation: How to Compute your Income Tax Return (Part 5)
Dr. Angelo is a budding Internist, married, his wife is not employed or engaged in any business. They have a 3 year old daughter Cassandra. He is practicing in 3 hospitals and clinics. How would he compute his income tax? How much does he need to pay in filing his Annual ITR before the April…
What to do to Protect and Conserve your Wealth?: Part 3 of Estate Planning 101
This is the part 3 of the series on protecting your wealth from Estate tax. See part one of the Series: What is Estate Tax and How it can hurt you even After Death? Part 1 of Estate Planning 101 Part two of the Series: Estate Tax Settlement Options: What to do to Protect…
BIR takes its Processes Online: What’s there to know?
In an age where technology takes most of the job in securing files and data for records, it’s no surprise that there is also now a way to monitor your business financial performance and handle your tax related matters in a click of a mouse. The Bureau of Internal Revenue has launched a number of…
Estate Tax Settlement Options: What to do to Protect your Wealth? Part 2 of Estate Planning 101
Let me start this part two with a story. This is a story of Mr. Masikap. He was born poor, as a child he worked as a shoe shine boy. But because of his dream and love for his family, he worked hard. He was able to put up a shoe business and was able…
What is Estate Tax and How it can hurt you even After Death? Part 1 of Estate Planning 101
Remember, Paul Walker? Who starred in “The Fast and the Furious” and died last 2013 due to a car accident? He died with total net assets of $25M (or PHP 1.1 B). His total estate tax that is needed to be settled by his only daughter who is only a 16-year-old minor is 35% of…
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