Archives for February 2014

New BIR Income Tax Forms (RR 2-2014)

The Bureau of Internal Revenue (BIR) issued this month of February the Revenue Regulations No. 2-2014 (RR 2-2014) prescribing the New Income Tax Forms that will be used in filing of Income Tax Returns (ITRs) for the taxable year ending December 31, 2013. What are the Changes? The new income tax forms have the following […]

Bookkeeping and Tax Requirement for Freelancer/Self-Employed/Home-based Businesses

In the past years, there has been an increased in individuals who do freelancing, as a means to generate income rather than being employed. These are individuals who prefer to be either a self-employed (offering their knowledge, talents or skills) or sole-proprietor of a business (selling goods or services). Although many succeed as freelancer, they […]