Basic Income Taxation for Sole Proprietors

Every entrepreneur is required to file and pay income taxes quarterly and annually, but not all knows how to compute and properly fill out an income tax return (ITR). Filing an ITR only for the sake of compliance (“basta maka-file, ok na yan” mentality) may contain errors leading to imposition of penalties based on technicalities. BIR examinations and tax assessments are more focused on corporations than individuals. This is because they would anticipate more collections from simple technical errors and misapplications. This workshop will teach you how to compute your  income tax due and properly fill out quarterly and annual ITRs.

Learning points:

  • Learn the types of income that must be included in the ITR
  • Learn the proper substantiation of income and expenses;
  • Learn the application of Optional Standard deductions (OSD) and Itemized Deductions;
  • Learn the requirements of expenses to be deductible for income tax purposes;
  • Learn the application of basic and additional personal exemptions;
  • Learn how to compute income tax due for compensation income, business income, and practice of profession;
  • Learn how to apply withholding tax certificates (BIR Form 2316 and 2307) against income tax due;
  • Learn how to properly fill-out BIR Form Nos. 1700, 1701Q, and 1701;
  • Learn how to reconcile accounting income in your financial statements and taxable income in the ITR; and,
  • Learn how BIR makes a tax assessment on income tax and the related possible defenses.

Schedule: Seminar workshop runs from 9:00 a.m.-5:00 p.m at  Unit 2309 Cityland 10 Tower 1, H.V. Dela Costa St. Cor. Ayala Avenue Makati City. We can also arrange for special group of at least five (5) participants at their own venue.

Package: Php 3,000 plus VAT Handouts/Notes and pencils/ Sample books of Accounts/Various BIR/Forms Comprehensive illustrations / Seminar-Workshop Certificate. Please bring calculator.

Advocate Tutor: Certified public Accountant (CPA) who has gained much professional experience being in the Tax Division of a law office based in Makati for more than six (6) years now, and as a part-time professor in the College of Accountancy – Polytechnic University of The Philippines, Taguig for about four (4) years now handling basic accounting & taxation subjects.

 Reservation: At least P1,000 reservation fee to be deposited to BDO Savings Account (Please refer to the reservation for  account details) & balance on seminar day. Official receipts shall be issued upon full payment on seminar day.

Who should attends?
Highly recommended for Small & medium business owners, new entrepreneurs, accounting graduates, & interested others.
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