Basic Income Taxation of Sole Proprietorships under 2011 New ITRs
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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. This workshop will tech you how to compute your individual income tax due and properly fill out quarterly and annual ITRs as an entrepreneur.
- Learn the fundamentals of individual income taxation;
- Learn the types of income that must be included in the NEW ITR Form for 2011;
- 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 & 2307) against income tax due;
- Learn how to properly fill-out BIR Form Nos. 1700, 1701Q, & 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 runs on December 15, 2012 from 9:00 a.m.-5:00 p.mat Sorosa Building, Buendia Avenue corner F.B. Harrisson, Pasay City, Metro Manila. We can also arrange for special group of at least three (3) participants at their own venue. Please contact us for related concerns.
Package: P2,500 per participant – Handouts/Notes and pencils/BIR Forms/Comprehensive illustrations/ Seminar-Workshop Certificate/ Lunch and snacks – a.m./p.m.. Please bring calculator.
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