Inherent Powers of the State
In order to survive, the State or in other words, the government, has three inherent powers. Since they are inherent, laws are not needed in order for them to exist. What are the three inherent powers of the state?
Personal Exemption and Additional Exemption
Individuals earning income in the Philippines are entitled to deduct personal exemptions and additional exemptions as stated in the National Internal Revenue Code. Read More
Tax Penalties, Interest and Surcharges
If a taxpayer fails to pay taxes, that taxpayer will be subject to tax penalties, interest and surcharges. Given here is a comprehensive guide regarding different penalties charged by the BIR. Read More
What is Taxation?
What is taxation? Why is it important? Where did it originate? In this post, you will get acquainted with taxation, what it means and why we need to pay taxes. Find out more
Tax Rule on Health Insurance
What is the rule regarding the deductibility of health and hospitalization insurance? Who are allowed to claim the deduction? What is the amount of the deduction? Read more
Tax Avoidance Schemes
All of us want to minimize tax payments. If you're wondering how to be able to avoid taxes and decrease tax payments the legal way, you can find out how in this post. Find out more
Forms of Compensation Income
Compensation Income takes on many forms. It doesn't merely include a person's salary. There are other components that form part of compensation income that may be taxable or nontaxable. Find out more
Optional Standard Deduction (OSD) Rules
Optional Standard Deduction is used when the taxpayer doesn't opt to use itemized deductions. Get acquainted with those who can avail of the OSD, and how to compute the said deduction. Find out more