Author: Mark Virgil Lofranco

Bookkeeping may seem like a routine administrative task, but in reality, it forms the backbone of every Cebu entrepreneur’s tax compliance. The Tax Code of the Philippines requires businesses to maintain accurate books of accounts, which the Bureau of Internal Revenue (BIR) relies on for verifying tax returns. When bookkeeping errors occur, they do not…

For many entrepreneurs in Cebu, the thought of handling bookkeeping and tax filing is daunting. Between managing sales, operations, and employees, keeping financial records often falls to the bottom of the list. Yet, under the Tax Code of the Philippines, businesses are legally required to maintain proper books of accounts and file accurate tax returns…

Starting and running a business in Cebu is exciting, but every entrepreneur must face a serious responsibility: keeping proper books of accounts and filing taxes correctly. These tasks are not just best practices—they are legal obligations under the Tax Code of the Philippines and the regulations of the Bureau of Internal Revenue (BIR). To help…

Running a small or medium-sized enterprise (SME) in Cebu is no small feat. Business owners often juggle sales, operations, and customer service, leaving little time for one critical area—financial management. While some entrepreneurs try to handle bookkeeping and tax compliance themselves, the truth is clear: professional services are not a luxury but a necessity. 1.…

For entrepreneurs in Cebu, tax filing often feels like a complex and stressful process. Many business owners scramble during deadlines, trying to reconcile receipts, expenses, and sales reports. The truth, however, is that tax filing does not have to be overwhelming—if proper bookkeeping is in place. 1. Bookkeeping as the Legal Foundation of Tax Filing…

For many Cebu entrepreneurs, bookkeeping and tax filing are often seen as two separate tasks—one is about keeping records, and the other is about complying with the Bureau of Internal Revenue (BIR). But in truth, the two are inseparably linked. Without proper bookkeeping, accurate tax filing is nearly impossible. 1. Why Bookkeeping Matters in Tax…

In today’s digital age, tax compliance has moved beyond traditional paper filing. The Bureau of Internal Revenue (BIR) has introduced the Electronic Filing and Payment System (eFPS) to streamline tax filing and payment for businesses. For Cebu entrepreneurs, understanding how eFPS works is not only a matter of convenience—it is a legal requirement for many…

In Cebu’s fast-growing business landscape, entrepreneurs are eager to focus on sales, growth, and expansion. Yet one common oversight often leads to costly consequences: failure to comply with tax filing obligations. “In taxation, prevention is better than penalty.” Understanding how to properly file taxes and avoid mistakes can save Cebu business owners from unnecessary financial…

For many aspiring entrepreneurs in Cebu, the excitement of starting a business often overshadows one crucial legal requirement: BIR registration. While some see it as just another layer of paperwork, lawyers and tax experts will tell you that securing your registration with the Bureau of Internal Revenue (BIR) is not only a legal obligation—it is…

Freelancing and online selling have become popular ways for many Cebuanos to earn income. Whether you are a content writer, graphic designer, virtual assistant, or an online seller on platforms like Shopee, Lazada, or Facebook Marketplace, one legal responsibility remains constant: paying taxes. As lawyers often remind clients: “Income earned online is still income in…