The yearly income tax deadline is fast approaching and you must remember that leaving everything to your accountant does not exempt you from criminal and civil liabilities. Ignorance of the law is no excuse, so before signing your income tax forms, it is your responsibility to understand if it is correctly done so that you will not be charged with violations.
The Bureau of Internal Revenue (BIR) is now very aggressive in trying to reach its revenue targets so you must have a basic understanding of the correct way of paying your income tax in case you are selected for auditing. Unlike popular misconception, you do not need to be an accounting graduate to learn many important matters regarding income taxation. Just the same, knowing the basics about taxation is very helpful. Here are a few of the important things you must learn:
Edgar Navarro Picache, CPA is a financial executive with 20+ years of practical experience in a variety of leadership positions in public accounting and private industry.
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