VMW Bookkeeping and Accounting Services

VMW Bookkeeping and Accounting Services VMW Bookkeeping and Accounting Services operates in core values of veracity, maximization, and worthiness.

VMW Bookkeeping and Accounting Services supports the growth of micro and small enterprises and professionals by providing reliable, compliant, and high-quality professional services.

After a long and tiring process, another tax clearance certificate accomplished.At VMW Bookkeeping and Accounting Servic...
15/11/2024

After a long and tiring process, another tax clearance certificate accomplished.

At VMW Bookkeeping and Accounting Services, we are happy to serve you. 🙂

Mission accomplished! BIR open cases are now closed!
24/06/2024

Mission accomplished! BIR open cases are now closed!

14/05/2024

Good morning everyone,

Let's talk about heirs in succession

Who are the heirs?

A. Heirs under intestate succession

In intestate succession, the heirs shall be the following in descending order of priority:

1. Compulsory heirs
2. Relatives up to fifth degree of consanguinity
3. Republic of the Philippines

B. Heirs under Testamentary Disposition

In testamentary succession, the heirs shall be the following:

1. Compulsory heirs
2. Other persons specified by the decedent in his will

Who are compulsory heirs?

Compulsory Heirs are:

1. Primary heirs: Legitimate children and their direct descendants
2. Secondary heirs: Legitimate/illegitimate parents and ascendants
3. Concurring heirs: The surviving spouse and illegitimate descendants

Before you partake on the decedent's properties, know first if you are an heir.

Be tax informed! Be guided!

We, at VMW Bookkeeping and Accounting Services are happy to share about tax information.

13/05/2024

Good morning everyone,

Are you an employee or an employer? Whether you are an employee or an employer you must know this:

Did you know that there are two (2) types of employees as to taxability? The first one are the minimum wage earners and the other one are the regular employees.

Minimum wage earners are employees who are recipients of minimum wage. They are exempt from income tax on their compensation. On the other hand, regular employees are employees who are subject to the regular progressive income tax.

Be tax informed! Be guided!

We, at VMW Bookkeeping and Accounting Services are happy to help you in your tax compliances.

30/04/2024

Happy Tuesday everyone!

Are you a taxpayer with multiple sources of income?

If yes, this tax information is for you!

As a taxpayer with multiple sources of income, you have to distinguish which of your incomes are subject to final income taxation, capital gains taxation and regular income taxation.

Why do we need to classify your income?

Your incomes must be classified for you to determine which income taxation schemes are applicable. In this way, you will avoid over or under payment of taxes.

Be tax informed! Be guided!

We, at VMW Bookkeeping and Accounting Services are happy to serve you in your tax compliances.🙂

28/04/2024

Happy Monday everyone!

Let's begin our week with Tax Information:

Did you choose itemized deductions over optional standard deduction in computing your taxable income? If you chose itemized deductions, the following are the requisites for its deductibility:
1. must be ordinary and necessary;
2. paid or incurred during the taxable year;
3. connected with trade, business or profession;
4. supported by sufficient evidence; and
5. not against the law or public policy.

Be tax informed! Be guided!

We, at VMW Bookkeeping and Accounting Services, are happy to serve you in your tax compliances 🙂

26/04/2024

Happy Friday morning!

Currently attending webinar on Understanding Philippine Qualifications Framework (PQF) hosted by PICPA - Oriental Mindoro Chapter.

At VMW Bookkeeping and Accounting Services, we stay updated in order to provide you with better service.🙂

25/04/2024

Happy Thursday morning 🙂

Are you a mixed income earner?

Mixed income earner are taxpayers who have both compensation income and business or professional income. As a mixed income earner, you have to be reminded that:

The income of mixed income earner from both sources is globalized or totaled. A net loss from business or profession shall not be offset against taxable compensation income.

Be tax informed! Be guided!

We, at VMW Bookkeeping and Accounting Services, are happy to serve you in your tax compliances 🙂

24/04/2024

Happy Wednesday morning🙂

Have you experienced being tax mapped by the BIR Revenue Officers?

In the event that it happens, you have to look for their Mission Order. A Mission Order shall be issued by the Regional Director authorizing specific Revenue Officers to compose the Tax Mapping Team, The area covered and the date/time of the operation. If the BIR Revenue Officers do not have with them the Mission Order, they are not authorize to conduct Tax Mapping in your business place.

Be tax informed, be guided!

We, at VMW Bookkeeping and Accounting Services, are happy to serve you to avoid the headache of tax mapping 🙂.

22/04/2024

Happy Tuesday morning everyone!

Did you know that for taxation purposes, there are two classification of taxpayer's properties? Taxpayer's properties are classified into:

1. Ordinary assets - these are assets which are held for sale or held for use. The gains from sale of ordinary assets are subject to Regular Income Taxation.

2. Capital assets - these are properties held by taxpayers (whether or not connected with his business) but does not include ordinary assets that are stated in the Tax Code. The gains from sale of capital assets are generally subject to Regular Income Taxation but there are exceptions. The following exceptions are subject to Capital Gains Taxation:
a. Capital gains on the sale of domestic stocks sold directly to buyer

b. Capital gains on the sale of real properties not used in business

Be tax informed! Be guided!

At VMW Bookkeeping and Accounting Services, we ensure that we give the right tax advice to our clients.🙂

22/04/2024

Happy Monday everyone! Let's begin our week with Tax Information 🙂

Lessors of residential units with monthly rental of equal or less than P15,000 per unit are exempt from VAT.

If the lessors of residential units have monthly rental of more than P15,000 per unit, and the annual receipts are more than P3,000,000, they are subject to VAT.

If the lessors of residential units have monthly rental of more than P15,000 per unit, and the annual receipts are not more than P3,000,000, they are subject to 3% Percentage Tax.

Be tax informed, be guided!

We, at VMW Bookkeeping and Accounting Services, are happy to serve you in your tax compliances 🙂

21/04/2024

Done filing the 2551Q and 1701Q for the 1st Quarter of 2024.

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