Taxes are inevitable. Whether you own a business or you’re just an individual, it is an obligation to file and pay taxes. As we all know, there are many tax rules to consider when filing and paying. It is a best practice that you know and understand some concepts to avoid committing mistakes that will lead up to unnecessary penalties.
Here are some ways that you can do so get some knowledge on tax compliance:
Read Text Books and Reliable Online References
Learning tax compliance can be achieved by self-studying while using the right materials. There are many different types of textbooks available in bookstores nationwide that focus on business taxation and tax compliance. These textbooks in the market are usually the latest editions that discuss current tax rules.
You can also use online references but make sure you are getting them from reliable sources. There are many information online that may be misleading or some might even be completely false, so ensure that you are reading from a legitimate website. You can always visit the BIR website as that is where they release the latest tax updates and memorandums.
Attend Seminars / Trainings / Workshop
If studying by yourself is not your thing, consider attending short-term tax courses. There are many organizations nowadays that hold taxation seminars which can range from basic tax compliance topics to more specialized tax programs. This requires a little bit more investment compared to just buying textbooks, but the payoff of doing this will be bigger. If you plan on doing this, make sure you do thorough research on finding the right organization and seminar topic for you.
Hire a Tax Consultant
Another thing you can do to learn is to learn from the experts themselves. If you want to do your taxes and learn at the same time, hiring a tax consultant is the best way to achieve this. They will oversee your taxes and point out errors if there are any and they would even give you advice on how to do it better. Tax consultants have the expertise and technical knowledge of applying tax rules and regulations, this means that you can rely on and learn a lot from them. Same like searching for the right seminars to attend, you should also do your homework when searching for the right tax consultant to hire.
Earn an Accounting Degree
If you want to go after being an expert on taxation, the best way to do it is to earn an accounting degree (Bachelor of Science in Accountancy). This course also focuses on various taxation subjects. Completing this course and passing the board exam will make you knowledgeable on tax compliance.
There are so many ways to learn tax compliance nowadays. You just need to look in the right direction and have the willingness to learn more. Knowing a lot about tax compliance will help you in the long run – it will decrease the stress of tax filing and would lead you away from the troubles of facing penalties. As the classic saying goes ‘Knowledge is power’ and that still holds up to this day.
If you need help with tax compliance, contact us today at firstname.lastname@example.org or +639179158125.