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Six Tips to Study Taxation

Are you still having difficulties in studying Philippine Taxation? Don’t worry you’re not alone. It seems that studying taxation makes you sleep or headache. I can still remember when I studied taxation, it seems very hard to understand, the concepts, terms and even in how to solve the problems. Do you want to know how to enjoy studying taxation?

How do you study taxation? Do you memorize all the tax rates, tax base, and different rulings? If you are doing that, there is nothing wrong with that. Have in though that taxation is not only a law but it’s a combination of analysis and laws. Many students find it difficult to study taxation and many of those students are doing the wrong way to study taxation.

If you will agree with me, many of the students who took the CPA board exam failed to pass because the majority of them failed in taxation. And we know that if a person failed in that subject it means that either lack of study or not having an effective way of studying.

I know you have already ways on how you study taxation, but you will be surprised that what you’re doing is not effective because you still looking for advice on how to do it properly. However, if you’re doing it well, just continue.

Six (6) Proper Ways on how to Study Taxation

There are many reasons why studying taxation gives you a lot of stress. First, you might agree that taxation is a law subject. Honestly, laws are sometimes hard to understand because of the many legal terms that you need to understand. It has many tax rates to memorize. Lastly, it involves comprehensive problems.

Having an effective study habit in taxation has a greater impact on taking the CPA board exams. If you’re having difficulties in studying this subject, don’t give up. There is still a time where you can improve your performance in your taxation subject. These tips won’t guarantee that you will be a tax genius but it will only help you to improve your study habit in this subject.

If you have other ways on how to study taxation and you want to share with us, don’t hesitate to type those tips on the comment below. We’ll love to hear that Here are some effective steps according to the author:

Tip # 1: Know your objective.

Knowing your purpose or objective will help you to have a positive and enthusiastic in studying taxation. Studying taxation without it is like driving without the route. So next to me your study set a goal.

You can ask yourself: Why I should study taxation? What can I get from studying this subject?

Asking those questions will help you to realize and see the importance of studying this subject. It will help you also to make necessary adjustments if any.

Tip # 2: Avoid Distractions During Classes

Most of the student doesn’t pay attention to the discussion especially if the subject is not interesting or difficult. Furthermore, many students are distracted by social media like Facebook, Twitter, etc. You may use your cell phone is recording or taking notes but make sure it will not cause any distraction.

Tip # 3: Don’t Just Listen! Prepare

Many students get bored during the discussion because they can’t catch up with the lesson. Sometimes, many students will say that their professor is talking fast but the problem is not about the professor nor the subject but the preparation.

Why not try this tip, before attending your taxation class make sure you read you’re textbook and be amazed at the result.

Tip # 4: Give more Time to Study Taxation

Finding a comfortable place where you read silently will help you to stay focus on your studies. You may comfortable studying at night where your roommates are no longer awake or in some places where designate as a study area but make sure you should stay awake from your friends. Others make it comfortable for them to study early in the morning.

Time doesn’t matter but what matters is your comfort. Find your comfortable place to study.

Tip # 5: Read the Latest Updates

Reading one book will make you bored but it will help you to understand more about taxation. There are a lot of books to read, you may read also tax jurisprudence for some tax cases. You can read also the latest tax issuances on the Bureau of Internal Revenue (BIR) website.

Tip # 6: Practice, Practice!

One of the reasons why taxation is difficult to study is having comprehensive and complicated problems and solutions. Don’t solve multiple-choice problems but be patient in solving comprehensive problems. Solving comprehensive problems will help you to apply what you have learned.

You can practice solving problems from different books and try to understand the concepts not memorizing the answers in each problem. Solving comprehensive problems will develop your analytical skills and lastly, it will help you to be more patient is solving long problems. If you’re having difficulties in solving estate tax problems, here are a few steps that you should know.

If you’re planning to start your review for the preparation of CPA board exams, these tips will help you to stay productive during your review sessions.

Conclusions

In summary, you will enjoy your study by first, knowing the reason you’re learning and doing this. Second, avoid distractions during classes. Third, don’t just listen to the discussion but make yourself prepared in the class by reading in advance and make your understanding wider. Lastly, don’t just read and listen but you must apply what you have learned by solving problems.

 If you have other effective ways of studying taxation and you want to share with us, feel free to drop your comments below. 

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LATEST TAX ISSUANCES!

Revenue Regulations No. 20-2020 amends certain provisions of RR No. 06-2008 (Consolidated Regulations Prescribing the Rules on the Taxation of Sale, Barter, Exchange or Other Disposition of Shares of Stock held as Capital Assets). ​RR 20-2020

Revenue Memorandum Circular No. 83-2020 addresses the issues and concerns of taxpayers regarding the tax implications of measures being implemented to prevent the spread of COVID-19 on cross-border matters. ​RMC 83-2020

Revenue Memorandum Circular No. 82-2020 prescribes the guidelines on the use of the eAFS System for the submission of attachments to the Income Tax Returns of taxpayers with Fiscal Year Accounting Period and in the submission of attachments to the quarterly Income Tax Returns.​ RMC 82-2020

Revenue Memorandum Order No. 28-2020 prescribes the updated policies and procedures for the granting and revocation of system access. ​RMO 28-2020

Revenue Memorandum Order No. 27-2020 prescribes the BIR Digital Transformation Roadmap for 2020-2030. RMO 27-2020

Revenue Memorandum Order No. 26-2020 prescribes the use of the revised Exchange of Information Manual, amending for this purpose Revenue Memorandum Order Nos. 2-2013 and RMO No. 3-2013. RMO 26-2020

Revenue Regulations No. 17-2020 implements the Tax Neutrality provision of Republic Act No. 11439 (An Act Providing for the Regulation and Organization of Islamic Banks). ​RR 17-2020

Inventory and Inspection Report of Unserviceable Property. more

Revenue Memorandum Circular No. 80-2020 amends the Revenue District Offices covered by RMC No. 79-2020. 

Bank Bulletin No. 2020-12 advises all BIR Authorized Agent Banks to accept tax payments also from taxpayers under RDO Nos. 55, 56 and 57 (even out-of-district returns) during MECQ period. BB 2020-12

Revenue Memorandum Circular No. 79-2020 provides the guidelines in the filing of various returns and payment of tax due thereon of taxpayers under the jurisdiction of National Capital Region, Bulacan, Cavite, Laguna and Rizal. RMC 79-2020

Bank Bulletin No. 2020-11 advises all Authorized Agent Banks to accept tax payments from taxpayers under the jurisdiction of National Capital Region, Bulacan, Cavite, Laguna and Rizal. ​BB 2020-11

Revenue Memorandum Circular No. 78-2020 prescribes the guidelines for the filing of various returns and payment of tax due thereon of taxpayers under the jurisdiction of Revenue Region No. 13-Cebu City. RMC 78-2020

Revenue Memorandum Circular No. 77-2020 clarifies ECQ as referred to under RMC No. 74-2020. RMC 77-2020

Revenue Memorandum Circular No. 75-2020 extends the deadline for business registration of those into digital transactions under RMC No. 60-2020. ​RMC 75-2020

Revenue Memorandum Circular No. 74-2020 amends and/or clarifies certain provisions of RMC No. 34-2020 relative to the suspension of the running of the Statute of Limitations. ​RMC 74-2020

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