Pay your taxes, honor the law

Tax is known to be a burden to every taxpayer. If you earn an income, whether from business or employment, you generally need to pay an income tax. If you do business, whether you gain or loss, you are normally required to remit business taxes. Taxes can be local or can be national. Income tax and business taxes (e.g., value added tax, percentage tax and excise tax) are examples of national taxes imposed on taxpayers. On the other hand, local taxes include permits, licenses and other taxes imposed by local government units. Thus, taxes may initially give unfavorable impressions and impact in our daily lives. But why our government imposed such burdens?

Taxation has four main purposes – revenue, redistribution, repricing and representation. Read more

How to avoid financial losses in your business

Profit is what we aim in doing business. By achieving it, we can gain financial power that we can use to stabilize our way of living including those of our family, friends and community. It is a joy for every businessman to have a net profit in their statements of income. On the other hand, a net loss at the bottom of those statements may make them frown. Financial losses may occur whether your business is big or a small one. But no matter how big or how small you have, you should do something to avoid those negative results in your operations. Income and losses are the possible results in your income statement. Hence to attract income and get rid of losses, we should know how to play with the nominal accounts – revenues and expenses. The following are the tips and ways on how to stay away from those losses. Read more

Business Face-off: Entrepreneur versus Employee

I have decided to add a new category in this blog that I believe will become interesting for me and my readers. I started adding the category “Business Face-off” as you can see in my category menu above. I believe that putting two things in a showdown by means of descriptions and differentiations will help readers to clearly understand these two things. For the first battle, I have chosen the entrepreneur and the employee. So let the showdown begins:

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My Life as an Entrepreneur Part 1 (the beginning)

I just decided to become more transparent in pursuing this business online. This is to give my valued visitors a clear vision on what and who are they are dealing to. Because this is a business site, I am honored to share my life as an entrepreneur. My life as an entrepreneur started when I was a kid, who was a little boy trying to gain profit by selling toy cards to his little friends. We have this little “sari-sari store” (a term in the Philippines for small stores selling variety of basic goods). This is the store, where I also sell toy cards I bought at lower costs in downtown area. That means profit for me. Instead of enjoying playing those toy cards as a kid during that time, I enjoyed and became excited in anticipating profit. But of course, I was still a child that time, and all I had in mind, is the fun in chasing profit. The entrepreneurial mind that I have has brought me to study accounting which is both a theoretical and numerical kind of a subject. And as a certified public accountant who has practiced for more than four years now, I have been into accounting and auditing different kinds of businesses. Read more

Business Ideas No.1: Building your Virtual Estate

Have you ever imagined owning a building in a rich metropolitan? Or maybe do you actually owned one? With that property, you may earn a fixed income by leasing it to tenants. You can also utilize it in your business operations since it is in the middle of the city. The taller your building is the higher your income will be. However, if you are not a wealthy real estate owner or a multi millionaire who can easily afford to buy one… how can you earn such great revenue from operating a real estate property?

Here comes the not real property brought to you by the internet technology – the virtual estate. A virtual estate or an internet domain is like a real property, it worth a value depending on its development, accessibility and popularity. Like a building, you can sell it, lease it or make revenue over it (by placing ads, selling products, membership fees, etc.). However, building a valuable domain with a website is not an easy task – it is a tough mission. Read more

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