Deductions from the Gross Income | Itemized Deductions vs Optional Standard Deductions

[@jovelynvillaalonzo8718]

After watching this video, I have learned that an expense that is deducted from your adjusted gross income is known as an itemized deduction. As a result, you pay less in taxes since your taxable income is lower. mortgage loan interest, unpaid medical expenses, charitable contributions, and state and local taxes. Thank you, sir A!

[@jessaherrera762]

It is all about an expense subtracted from adjusted gross income. It includes the interest on a mortgage loan, unreimbursed healthcare costs, charitable contributions, and state and local taxes. The standard deduction lowers your income by one fixed amount. On the other hand, itemized deductions are made up of a list of eligible expenses. Thank you, sir!

[@templonuevoangelica3383]

Done watching sir! I have learned things this topic about deduction from gross income and optional standard deductions. An itemized deduction is an expense subtracted from adjusted gross income, which reduces taxable income, and therefore, the amount of taxes owed. OSD pertains to a 40% tax deduction to your annual gross income. Thank you sir.

[@aceroelcaoc8657]

Done watching po sir. Thanks for a concise lecture po. Learned a lot po.

[@aprilvillegas4290]

Done watching, Sir! Thank you for a very informative video lecture!

[@kayerosales5815]

Already done watching, Sir. Very nice discussion about Deductions from the Gross Income.

[@kimberlyguimba2689]

Done watching and thank you sir. This video is about the deductions from gross income. It talks about the amount that the law allows to be deducted from the gross income in order to arrive at the net income. In TRAIN law it states that no more deductions are allowed for individuals earning purely compensation. For individuals that have gross income from business, trade or practice of profession or mixed income they have deductions may be in the form of itemized deduction or optional standard deductions. I also understand the computation about the OSD.

[@angelineguimba8675]

Done watching Sir! Here are my takeaways: Taxpayers must choose between the required standard deduction and the optional itemized deduction when preparing their tax returns. This decision must be carefully considered because it will affect the entire tax year and cannot be modified until the start of the following tax year. The gross income is reduced by these deductions. Itemized deductions may result in larger deductions than those that can be made via the optional standard deduction strategy, particularly if they have considerable business costs. The OSD deduction is fixed at 40% of gross sales or receipts, but it is easier to compute than the itemized deduction. I understand the computation about OSD. Thank you Sir A!

[@eunieviaamantoy9730]

After watching your video lecture, sir, I was able to understand the computation.

[@cavanaghsheeanv.opinaldo3600]

Done watching sir! Thanks for the lecture, Sir A!

[@romaquinkrzyll9611]

Done watching your lecture, sir! Thank you po.

[@lorainebernal4855]

Done watching po. Thank you for this lecture sir!

[@pruemicaeladelasalas2486]

Very informative po. Thank you po, Sir!

[@johndomingo3625]

Done watching Sir thank you po😇very informative lesson

[@mikeecanamo4049]

Done watching, Sir. Thank you for this video lecture.

[@camilatesorero6143]

Thank you for this simplified video lecture, Sir!

[@patrickvalerio7702]

Done watching po sir, Thank you so much po sa lecture.

[@janaviray6509]

Done watching, Sir! Have a great day and God bless po.

[@jainabartolo6005]

I'm done watching, sir. Thank you so much for the lecture! :)

[@ellamedina7306]

Done watching po, Sir A! Thank you po.

[@kylaabustan8313]

Done watching Sir! Thank you so much po.

[@dmncbrnl]

Done watching sir. Thank you for this lecture.

[@sheenabataller8948]

Done watching Sir! deduction from gross is a permitted deduction since the law allows it to be deducted from gross income to arrive at what you term net income, which is subject to taxation. In general, we are only referring to individual taxpayers/natural persons. Those having gross income and itemized deductions should adhere to the substantiation requirements as well as the optional standard deductions.

[@marcrendelle3779]

Done watchis sir ! Thank you for the lesson sir!

[@alleyzone]

Done watching po. Thank you, Sir!

[@rirideeexxx4921]

Thanks for clear discussion Sir A. Taxpayers file income tax have to choose between itemized deduction and optional standard deduction. These deductions are deducted from the gross income.It’s an important decision to make choice because it takes effect the entire year and can’t change it until the start of the next tax year. Itemized Deduction it can result in higher deductions than what you can claim with the Optional Standard Deduction method, especially if they have large business expenses. While OSD deduction is fixed at 40% of gross sales or receipts, the OSD is easier to compute than the itemized deduction. Itemized Deduction, it does require listing, tracking, and computing expenses while OSD not really however, keeping records of business expenses is still required. Itemized Deduction need to hire a CPA while in OSD is not required. The BIR hardly audits the expenses of OSD filers.

[@annkheziag.bolima2072]

Done watching po, Sir. Thank you po. Stay safe 🤗

[@kristineguiling5754]

Done watching sir! Thank you for the simplified discussion of the deductions from the gross income 😊

[@sherinadifuntorum4387]

done watching sir, thank you for the lecture.

[@princesslim9784]

Done watching po. Thank you, sir! :)))

[@Mariandetera0528]

done watching sir A, thank you po!

[@alisanoleal]

Done watching, Sir. Thank u so much!

[@mariajasmineumale7630]

Done watching na po, Thank you Sir!

[@angelallenarce1277]

Thank you po sir, learned a lot. 👍👍

[@vanaaronmationg6023]

DONE WATCHING SIR!!! THANK YOU , LEARNED A LOT

[@nicolemacalatan1982]

Done watching! Very interesting, thank you sir.

[@erikaoseo1080]

Done watching sir! Thank you po. :)

[@josh_orias]

Done watching sir! Thank you po!

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Done watching. Thank you, sir!

[@eyannasofiaregencia3636]

Thank you for this very informative lesson, Sir.

[@janneeloizacarza7217]

Done watching, Sir. Thank you!

[@carljeromeongkiatco272]

Done sir, thankyou so much po! God bless you po!😇

[@QueenieDelRosario-mt3ur]

Deduction from gross income refers to the amount which the law allows to be deducted from the gross income in order to arrive at the net income. Under the TRAIN law , no deduction is allowed for pure compensation income. This video also discusses itemized deduction and optional standard deduction. In itemized deduction, taxpayers must provide official receipts, invoices, vouches, bank statements, or other sufficient records to deduct these items. Ordinary and necessary expenses, taxes expense, interest expense, losses, bad debt, depreciation, depletion of oil and gas well and mines, charitable and other contributions, research and development, pension trust contributions, premium payment on life insurance are considered as itemized deductions. And also I learned how to determined the optional standard deductions(OSD) and the taxable income.

[@DianaAndreaStaMaria]

Done watching sir. Thank you po.

[@nadineairadelmita5102]

Thank you for this informative video, sir!

[@gamingwithnamedbest4634]

Now Watching.. Thank you sir!

[@abegailorense8169]

Done watching sir, thank you po!

[@reecamillabonganay6782]

Done watching Sir, thank you po :)

[@irishkhyllenasol7310]

Thank you po for the lecture.

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Done watching sir. Thank you sir

[@elley9971]

done watching, thank you po sir

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done watching po sir, thank you po.

[@alvinalmanzor1798]

Thank you for the lecture Sir,

[@leaalmodal7862]

In this video, It talked about the deduction from the gross income itemizes deduction vs optional standard deduction. Deduction is a cost that can be deducted from taxable income in order to reduce the amount owed. An itemized deduction is an expense that is deducted from adjusted gross income, lowering taxable income and, as a result, the amount of taxes owed. Healthcare expenses, charitable contributions, and state and local taxes are all common itemized deductions. The Optional Standard Deduction, is a 40% tax deduction on your annual gross income. Itemized Deduction, on the other hand, allows you to claim a higher proportion of expenses as long as they can be supported by documents and are within the BIR's allowed deductions.

[@christineacuna2967]

Very informative video

[@charlesgarganta3644]

Done watching, thankyou sir 💕

[@steffisu_]

While filing their taxes, taxpayers must decide between the mandatory standard deduction and the optional itemized deduction. This is a significant option to make because it has an impact for the entire tax year and cannot be changed until the beginning of the subsequent tax year. These deductions are subtracted from gross income. Particularly if they have significant business expenses, itemized deductions might lead to bigger deductions than those that can be made via the optional standard deduction approach. The OSD deduction is simpler to calculate than the itemized deduction, although being fixed at 40% of gross sales or receipts. While OSD does not technically involve keeping records of company expenditures, itemized deduction does entail listing, documenting, and computing expenses.

[@christianjavier5930]

Done watching na po sir, thankyou po

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Done watching sir, thank you so much☺️

[@ricaconchadacurioso2580]

Done na po, thank you so much sir.

[@pranzuabrenica]

Thank you for the lesson sir!

[@precymaedianela2938]

An itemized deduction is a cost that is taken out of your adjusted gross income. This lowers your taxable income and, in turn, the amount of taxes you have to pay. The interest on a mortgage loan, unreimbursed medical costs, charitable donations, and state and local taxes.

[@angelicarosete3388]

Done watching po sir thank you po

[@josephinebryan8981]

Thank you sir for the lecture

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Thank you for the lecture, Sir

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Done watching po Sir!

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[@avec1207]

Done watching, thanks a lot. ^^

[@jeniferisorena68]

Done na po. Thank you po Sir

[@gillianlim4036]

deduction from gross is a legal deduction because it can legally be subtracted from gross income to produce net income, which is taxable. Generally speaking, we only refer to individual taxpayers and natural persons.

[@jayson.sanjose]

Okay na po sir thank you po❤️

[@melodyayop1352]

DONE FOR THIS ONE THANK U PO SIR

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Done watching po Sir.

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Done sir,thankyou po.

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Done watching sir 🙂

[@vanezzamaemiramonte588]

Done watching, Sir! Thank you for this video lecture, it is very helpful and I was able to understand the lesson clearly. BSBA-MGT 201M

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Thank you sir done po !

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Done po sir, thank you po.

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Done po sir salamat po ng marami ❤️

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Done napo sir. Thank you po

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Done na po sir thank you po ❤️

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Done na po sir, thankyou po

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Done watching sir

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Done po Sir, thanks po :)

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now watching po sir

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Done Watching po Sir. Thank you po. Borrero From BSBA II-C☺️

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done watching po sir, thank you po Dalagan, BSBA II-C

[@johnsacabin8018]

Sir grab driver operator po ako ung monthly ammortization po ba ng sasakyan ay allowable deduction at expenses.

[@quingsorino347]

Hello sir this deductions ang deducted for the entire yr n poh b? Ung mga binabayaran n qrterly taxes my deductions din poh b?

[@jozamariecueto2343]

Done Sir ✅

[@johnirishreyes3794]

done watching po sir😊 Reyes, John Irish T. BSBA II-C

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done watching sir thank you po- (James Villarubia BSBA MGT 201M)

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Done - Guelos

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