@@JisrylRaz_ftt Nalilito lang ako kung 8% ba o with deductions ang mas tama sa akin para di ako magbayad nang sobrang laking tax. Pinanood ko yung recommended video ninyo for freelancers. Looks like OSD is the best option for me. Nag-iwan din ako ng comment sa video na iyon. Thank you! Sa inyo ko naintindihan na sa wakas ang gagawin ko. Next steps naman on the books, receipts, and journals (na weird para sa akin kasi out of the country ang clients ko). Puwede na akong mangulit sa BIR pagkatapos nito. :)
Thank you i learned a lot from your video. My income from philippines but most of my expenses for product out Philippines, how can i declare the expenses? And if i used OSD my business will be losing because of the high expenses for the product. I hope you can answer me i have been overthinking a lot lately 🙏🏼❤️
Hello mam. Paano po icompute ang cost of sales kung transport service? Kada ride po kasi wala namang deduction. Nag tototal po sa grab yung overall na kita for the day. Hope masagot! 🙏
Hi po, I just started my leasing business last March so everything is new to me. Ask ko lang po pede ko po bang I declare as deductions ung salary ng mga caretakers? Kasi ito po ang malaki kong expense. Wala silang mga Tin IDs.
Good day Sir. I would like to ask, possible po ba na ang isang purely internet cafe with no food or drinks na nakalagay ay walang COST OF SERVICE? Wala din pong trabahante. yung may ari lang po ang nagbbantay (nasa bahay lng ang internet cafe). Thank you po.
Ma’am question ulit, this month nakapag filed kami ng ITR 1701A but 0 payment , then after a week nag filed ulit sis ko ng 1701 dahil wrong daw ang 1701A, the problem is, sa ITR 1701 hindi nya na check yung Ammended return, ano po kaya pwede namin gawin?
The OSD is accounted in the accounting books. The PFRS shall be followed for accounting purposes. This means, the actual accounting income must be shown in the income statement, though, not in the balance sheet.
No, it will be a capital expenditure - meaning an asset. The total amount spent to buy the property will be recorded as an asset and not as an expense. However, since the property will be used in business, it will be depreciated. The depreciation from then on shall be considered as a deduction.
@@JisrylRaz_ftt How can i compute for depreciation of a property lets say a newly acquired apartment building? Do you have separate video for depreciation?
Sir sa COR po naminang nakalagay lang po sa Tax Type ay Registration at Witholding Expanded Tax. Ano po bang dapat kong i-avail? Graduated Income Tax or 8% It rate?
Hello sir good day po… tnx sa video … sir tanong lang po… May batas ba sa BIR na nagsasabina if late filing kana sa ITR .. ay hindi na pwde mag Avail ng itemized or 8% IT rate… OSD nlng po daw … pls enlighten me po
What should be the composition of the "cost of service"? can all direct costs (such as direct salary, depreciation of machine/equipment, local business tax and other direct costs) be included as cost of service?
Hi po, first time ko pong magfa file ng 1710Q ngayong 3rd quarter, recently lang po ako naging BIR registered. Ok lang po ba na OSD ang piliin ko kahit 3rd quarter? o dapat strictly kailangang umpisahan sa 1st quarter? thank you for your answer.
Hello po Ms. Juvilyn. The intention to use OSD po as a deduction against your gross income must be signified during the first quarter po talaga. Meaning, since kakasimula nyo lang po this 3rd quarter, itemized po gagamitin po ninyo. May I ask po, maliit lang po ba expenses niyo?
Hello po. Im new at filing 1701q. My only concern is this, ung cost of sales and allowable deduction. Kainan po kasi yung amin. A small restau. So 1 columnar ung nirequired saken, sales and the expenses. I listed everything sa expenses simula sa gastos from having the permit. And mas mataas ung Expenses kong lumabas kesa sa Sales. I actually do not know kung ano ilalagay sa Cost of sales and the allowable itemized deduction ko. Ano bang included dun? Thank you. Mej nakakalugaw na ng ulo hahaha
Yung cost of sales po, yan po yung cost ginastos nyo po para makapagluto kasi dba kainan kayo. Like ingredients. Yung expenses po, yan po yung mga gastos na di naman talaga directly attributable dun mismo sa pagluluto. Halimbawa, sahod ng assistant nyo po, kuryente, mga supplies, tubig, etc.
Good day i just want to ask if *refund of local business taxes ang licenses and *tax assessment on unpaid local business taxes are deductible to gross income?
Hi po. 1. A refund of business tax or any tax is an INCOME po. Meaning you have to add it on your income (im assuming you have previously deducted such tax from your prior year's income) 2. Assessment on Unpaid local taxes is deductible po since it is supposed to pay the local business tax.
Hello po, sa grocery store po ano mas better na piliin 8%, osd or itemized? Samen po kasi ngaun wala kami pinapa receive na invoices sa customer and hindi rin namin naitatabi mga invoice ng purchases namin.
Hello po. I still need more info po to answer your questions. 1. Are you VAT registered? 2. Do your annual gross sales (from previous year) exceed 3 million? If not: 3. What is your current registration with the BIR? Look for your COR ano po nakalagay dun? 4. May mga resibo po ba kayo sa mga expenses ninyo? When I say resibo, I mean official receipts or invoices.
@@JisrylRaz_ftt hi po:) 1. non vat po 2. hndi po exceed ng 3 million 3 sa COR po, Tax type: income tax, registration fee & percentage tax lang po nakalagay. 4. may mga resibo po kami ng mga expenses like ung resibo ng pinamiling stocks pero hindi naitatabi, wala ding record (bookkepping) since 2017 wala kaming pinagawang resibo (for customers), sa BIR forms lang kami updated (0605 per anual, 1701, 1701q & 2551q) pero lahat po yan 0 tax (8% Tax rate) as in wala kaming amount na nilalagay . filing lang po tlaga sa ebir. worry ko din po pag nagtax mapping si BIR, wala kaming mapapakita book of accounts & invoices (for expenses & sales) wala kasing nagaasikaso po neto before.
Jisryl Raz itemized deductions po. Bale kasi sir nagsinula business namin Feb and zero lahat ng transactions hanggang 2nd q and lately ko lang nalaman na magfifile kami ng 1701q kaya po hinabil ko yung first quarter at second tapos nagfile ako kanina ng 3rd quarter
Good day po . Ask ko lang po. Graduated rate - osd po ako mula first quarter up to 3rd quarter sa filling ng 1701q . Sa annual po 1701 ang asa certificate of registration. Pwede po ba 1701A gamitin ko since yun po yung applicable sa graduated rates - osd. Sana po makita at masagot nio ito. Salamat po Godbless
Hello po,magask lang po sana ako, regarding po sa mga expenses ng non vat individual para sa business bago po magoperate ang business, paano po sya pwedeng maibawas sa computation po ng taxable income? Salamat po
@@JisrylRaz_ftt salamat po! Paano po ung mga capital expenditures po maam na related po sa paggawa ng building and the like, icapitalized ko po sya at depreciate na lang po?
Bat po nag OSD? Nakita po ba ng BIR? The best thing to do is to amend the second quarter and apply consistently the itemized deduction. Kasi pag di yan nakita ng bir ngayon tapos later makikita nila, yun po ang problema
Wala pong penalty if wala pong increase sa tax due nyo po. Pero pag meron po, halimbawa dati yung nabayaran nyo gamit ang OSD is 10k tapos sa computation nyo ngayon sa amendment mas lumaki sya, yung difference po nun ay masusubject sa interest.
Wala pong discount sa tax sir. Pero yung interest na binabayaran nyo po sa loan, pwde po syang gamitin as expense po (pero syempre yung interest lang di kasama yung principal). Just make sure na meron po kayong evidence na yung interest sa loan is legit. Kung meron po kayong contract of loan at official receipt sa binabayad nyo sa loan mas maganda po
@@JisrylRaz_ftt maraming salamat po sana ay gumawa pa kayo ng maraming videos tungkol dito nakakatulong po sa aming nag i start palang sa business . God bless you po
hi sir nagkamli po ako ng napili online bale ang napindot ko po for 1st quarter is osd but late n po napansin n under spouse po ung napindot n osd, napansin nlng po nung 2nd and 3rd quarter we continued the option osd tpos binalikan ko po ung 1st quarter na naka itemized deduction po xa tpos nka osd under spouse.. papano po kya ito maayos sir? thank you po
Just be consistent po sa pag apply ng osd or itemized throughout the year. Kung si husband itemized, dpat itemized po throughout the year. Kung si wife osd, dapt wholeyear din. Just be consistent po.
Question: Pwde bang mag itemized si Husband, while si wife is OSD? Answer: YES. Kasi si husband is a separate and distinct taxpayer from the wife. Separate po ang computation ng taxes nila. Kaya pwde po na mag osd si wife while si husband is itemized, and vice versa. Just be consistent lang po throughout the year.
Ibig sabihin, kung napili nyo osd kay wife sa first quarter, ipagpatuloy nyo po hanggang annual. Same with the husband. Pero kung di po naging consistent filing nyo po. Eamend nyo nalang po. Magsubmit lang po kayo again ng income tax return para dun sa quarter na nagkamali po kayo. And be consistent
thank you sir, ahm san po pwd mag ammend sir? single pa po ako sole proprietor ng maliit na kainan tlgn nagkamali lng po nasama sa pag pindot ng spouse s online form eh wla nmn po ako spouse.
![[TOPIC 27] ITEMIZED DEDUCTIONS | General Business Expenses](http://i.ytimg.com/vi/NWkKtioE7M0/mqdefault.jpg)
![[TOPIC 27] ITEMIZED DEDUCTIONS | General Business Expenses](/img/tr.png)
![[TOPIC 39] ALLOWABLE DEDUCTION | 40% Optional Standard Deduction from Gross Income](/img/n.gif)
Maraming salamat! May naiintindihan ako sa taxation for freelancers. :)
Welcome po. Ano pa po ba gusto nyong topic for freelancers para magawan ko po ng video. :)
You may also watch how to compute income tax for freelancers po. Link here: ua-cam.com/video/qmfktOz-ihQ/v-deo.html
@@JisrylRaz_ftt Nalilito lang ako kung 8% ba o with deductions ang mas tama sa akin para di ako magbayad nang sobrang laking tax. Pinanood ko yung recommended video ninyo for freelancers. Looks like OSD is the best option for me.
Nag-iwan din ako ng comment sa video na iyon. Thank you! Sa inyo ko naintindihan na sa wakas ang gagawin ko. Next steps naman on the books, receipts, and journals (na weird para sa akin kasi out of the country ang clients ko).
Puwede na akong mangulit sa BIR pagkatapos nito. :)
Thank you so much! Nawala yung trauma ko sa tax. 😊❤
Thank you Sir, sobrang nakakatulong po vids niyo.
Welcome po❤️❤️
Thank you Sir, this is very informative and easy to understand.
Welcome po. I'm glad you found my channel😊
Thank you i learned a lot from your video. My income from philippines but most of my expenses for product out Philippines, how can i declare the expenses? And if i used OSD my business will be losing because of the high expenses for the product. I hope you can answer me i have been overthinking a lot lately 🙏🏼❤️
sobrang laking tulong po nito. maraming salamat po Godbless!! 😭❤
Welcome po
thank you po, very interesting and helpful po
Thank you po. Will upload more of the OSD tomorrow po for comparatives. Please keep updated. Heehe
ang galing po ninyo maam
Thank you so much po :)
Hello mam. Paano po icompute ang cost of sales kung transport service? Kada ride po kasi wala namang deduction. Nag tototal po sa grab yung overall na kita for the day. Hope masagot! 🙏
Sobrang thank you po! Midterm po namin tomorrow hehehehe
Welcome po :)
Grab driver operator po ako, ung monthly hulog po ba ng sasakyan ay allowable deduction at expenses
Thank you sir!
Welcome po
Hi po, I just started my leasing business last March so everything is new to me. Ask ko lang po pede ko po bang I declare as deductions ung salary ng mga caretakers? Kasi ito po ang malaki kong expense. Wala silang mga Tin IDs.
Thank you po maam Raz. Galing nyo po.
Lol ahahaha
Saba jc
@@JisrylRaz_ftt hahaha. Be nice to your subscriber oi. Hahaha
Good day Sir. I would like to ask, possible po ba na ang isang purely internet cafe with no food or drinks na nakalagay ay walang COST OF SERVICE? Wala din pong trabahante. yung may ari lang po ang nagbbantay (nasa bahay lng ang internet cafe). Thank you po.
Ma’am question ulit, this month nakapag filed kami ng ITR 1701A but 0 payment , then after a week nag filed ulit sis ko ng 1701 dahil wrong daw ang 1701A, the problem is, sa ITR 1701 hindi nya na check yung Ammended return, ano po kaya pwede namin gawin?
Monthly amortization for lot and building can be included in the deductions?
You mean depreciation po? Only the building po will be depreciated, but the land, it'll be subject to revaluation po and not depreciation.
Hi Sir. For accounting purposes, which income must be presented in the balance sheet if the taxpayer opt to used OSD?
The OSD is accounted in the accounting books. The PFRS shall be followed for accounting purposes. This means, the actual accounting income must be shown in the income statement, though, not in the balance sheet.
Thank you poooooo..God bless!
Welcome 😊
Is this still applicable today?
Thank you Sir
Welcome po
Hi po, itong mga allowable deductions applicable ba ito sa NonVat or percentage tax? Thank u po.
Thank you po sa mnemonics.,! 🙂🙂🙂
Welcome po
If a business wants to buy a property and post it for rental that produces income, will the expenses of that property be considered a deduction?
No, it will be a capital expenditure - meaning an asset. The total amount spent to buy the property will be recorded as an asset and not as an expense. However, since the property will be used in business, it will be depreciated. The depreciation from then on shall be considered as a deduction.
@@JisrylRaz_ftt
How can i compute for depreciation of a property lets say a newly acquired apartment building? Do you have separate video for depreciation?
Nice lecture...
Thanks😊
Sir sa COR po naminang nakalagay lang po sa Tax Type ay Registration at Witholding Expanded Tax.
Ano po bang dapat kong i-avail?
Graduated Income Tax or 8% It rate?
Dun po sa 1701q?
Hello po. Graduated po ang ilagay nyo po
Hello sir good day po… tnx sa video … sir tanong lang po… May batas ba sa BIR na nagsasabina if late filing kana sa ITR .. ay hindi na pwde mag Avail ng itemized or 8% IT rate… OSD nlng po daw … pls enlighten me po
What should be the composition of the "cost of service"? can all direct costs (such as direct salary, depreciation of machine/equipment, local business tax and other direct costs) be included as cost of service?
same question po... hoping for your help po. thank you
Hi po, first time ko pong magfa file ng 1710Q ngayong 3rd quarter, recently lang po ako naging BIR registered. Ok lang po ba na OSD ang piliin ko kahit 3rd quarter? o dapat strictly kailangang umpisahan sa 1st quarter? thank you for your answer.
Hello po Ms. Juvilyn. The intention to use OSD po as a deduction against your gross income must be signified during the first quarter po talaga. Meaning, since kakasimula nyo lang po this 3rd quarter, itemized po gagamitin po ninyo. May I ask po, maliit lang po ba expenses niyo?
Can you also show up to balance sheet after availing OSD
Osd will not affect the balance sheet. The balance sheet is guided with PFRS, not with the tax code.
If the sources of my income po is from outside the Philippines, can I deduct expenses made in the Philippines?
As long as the expense are validly incurred in connection to your business po, yes.
And the expenses are supported with official receipts or invoices
Hello po. Im new at filing 1701q. My only concern is this, ung cost of sales and allowable deduction. Kainan po kasi yung amin. A small restau. So 1 columnar ung nirequired saken, sales and the expenses. I listed everything sa expenses simula sa gastos from having the permit. And mas mataas ung Expenses kong lumabas kesa sa Sales. I actually do not know kung ano ilalagay sa Cost of sales and the allowable itemized deduction ko. Ano bang included dun? Thank you. Mej nakakalugaw na ng ulo hahaha
Yung cost of sales po, yan po yung cost ginastos nyo po para makapagluto kasi dba kainan kayo. Like ingredients. Yung expenses po, yan po yung mga gastos na di naman talaga directly attributable dun mismo sa pagluluto. Halimbawa, sahod ng assistant nyo po, kuryente, mga supplies, tubig, etc.
Baka kasi ginawa nyong expense yung mga ingredients. Di po yun expense. Ereclassify nyo lang po yun as cost of sales
hi po... ano nman po composition of cost of service?
Question po. I am using 8% flat rate. Need ko pa po ba irecord sa books of accounts all purchases and expenses? Thank you po
Yes po. Pero not necessarily supported with receipts.
Good day i just want to ask if *refund of local business taxes ang licenses and *tax assessment on unpaid local business taxes are deductible to gross income?
Hi po.
1. A refund of business tax or any tax is an INCOME po. Meaning you have to add it on your income (im assuming you have previously deducted such tax from your prior year's income)
2. Assessment on Unpaid local taxes is deductible po since it is supposed to pay the local business tax.
Salamat po ng marami
welcome po.
hello, sir good day! For clarification lang po, ang cost of sales and operating expenses po ba ay itemized deductions?
thank yo so much!
Cost of sales is not one of the itemized deductions. Expenses, on the other hand, is one of those deductions.
Question, how about if nawala ung mga OR for gas purchases for itemized deduction? Mapepenalized po ba?
Not really ma pepenalized. But since nawala yung OR, you cannot use that as an expense.
Hello po, sa grocery store po ano mas better na piliin 8%, osd or itemized? Samen po kasi ngaun wala kami pinapa receive na invoices sa customer and hindi rin namin naitatabi mga invoice ng purchases namin.
Hello po. I still need more info po to answer your questions.
1. Are you VAT registered?
2. Do your annual gross sales (from previous year) exceed 3 million?
If not:
3. What is your current registration with the BIR? Look for your COR ano po nakalagay dun?
4. May mga resibo po ba kayo sa mga expenses ninyo? When I say resibo, I mean official receipts or invoices.
@@JisrylRaz_ftt hi po:)
1. non vat po
2. hndi po exceed ng 3 million
3 sa COR po, Tax type: income tax, registration fee & percentage tax lang po nakalagay.
4. may mga resibo po kami ng mga expenses like ung resibo ng pinamiling stocks pero hindi naitatabi, wala ding record (bookkepping) since 2017 wala kaming pinagawang resibo (for customers), sa BIR forms lang kami updated (0605 per anual, 1701, 1701q & 2551q) pero lahat po yan 0 tax (8% Tax rate) as in wala kaming amount na nilalagay . filing lang po tlaga sa ebir.
worry ko din po pag nagtax mapping si BIR, wala kaming mapapakita book of accounts & invoices (for expenses & sales) wala kasing nagaasikaso po neto before.
Sir, if a taxpayer didn't indicate the method of deduction only the itemized deduction is allowed?
When filing a return po, it is required that the taxpayer selects one.
But the default is always itemized.
kapag po nalate filing ng 1701Q OSD padin po ba gagamitin or Itemized deductions? like ngayon po hindi pa po kami nakapagfile ng 1701Q 1st quarter
Yes po pero may penalty na po yun. Ano pong ginamit nyong deduction sa second and third quarter po?
Jisryl Raz itemized deductions po. Bale kasi sir nagsinula business namin Feb and zero lahat ng transactions hanggang 2nd q and lately ko lang nalaman na magfifile kami ng 1701q kaya po hinabil ko yung first quarter at second tapos nagfile ako kanina ng 3rd quarter
May idea po kaya kayo kung magkano ang babayaran na penalty? Maraming salamat po sa pagsagot
Nasa 1k to 5k po depende po sa amount an di nyo po na file.
Good day po . Ask ko lang po. Graduated rate - osd po ako mula first quarter up to 3rd quarter sa filling ng 1701q . Sa annual po 1701 ang asa certificate of registration. Pwede po ba 1701A gamitin ko since yun po yung applicable sa graduated rates - osd. Sana po makita at masagot nio ito. Salamat po Godbless
Yes po tama po.
Hello po,magask lang po sana ako, regarding po sa mga expenses ng non vat individual para sa business bago po magoperate ang business, paano po sya pwedeng maibawas sa computation po ng taxable income? Salamat po
Pwde po sya ibawas maam
@@JisrylRaz_ftt salamat po! Paano po ung mga capital expenditures po maam na related po sa paggawa ng building and the like, icapitalized ko po sya at depreciate na lang po?
Pano po kaya kapag nung first quarter ang napili ko ay itemized deduction tapos ung mga sumunod na quarter ay osd na? ano po kaya mangyayari duon?
Bat po nag OSD? Nakita po ba ng BIR? The best thing to do is to amend the second quarter and apply consistently the itemized deduction. Kasi pag di yan nakita ng bir ngayon tapos later makikita nila, yun po ang problema
may penalty po kaya pag inamend ko ung mga previous qtr to itemized? or hindi pa pwede ung itemized ang palitan ko ng osd?
hindi pa po sya nakikita ng bir.
Wala pong penalty if wala pong increase sa tax due nyo po. Pero pag meron po, halimbawa dati yung nabayaran nyo gamit ang OSD is 10k tapos sa computation nyo ngayon sa amendment mas lumaki sya, yung difference po nun ay masusubject sa interest.
Mas mabuti po na mag amend hanggat di pa nakita ni bir
Good morning po. Pag ba may utang na binabayaran .maari po bang maka avail ng discount ng taxes na binabayaran sa bir?
Wala pong discount sa tax sir. Pero yung interest na binabayaran nyo po sa loan, pwde po syang gamitin as expense po (pero syempre yung interest lang di kasama yung principal). Just make sure na meron po kayong evidence na yung interest sa loan is legit. Kung meron po kayong contract of loan at official receipt sa binabayad nyo sa loan mas maganda po
@@JisrylRaz_ftt maraming salamat po sana ay gumawa pa kayo ng maraming videos tungkol dito nakakatulong po sa aming nag i start palang sa business . God bless you po
Thank you po. Yes po, I will.
WHERE CAN I DOWNLOAD THE POWERPOINT FILE PO? HUHU
Sorry po. It's my personal copy po.
hi sir nagkamli po ako ng napili online bale ang napindot ko po for 1st quarter is osd but late n po napansin n under spouse po ung napindot n osd, napansin nlng po nung 2nd and 3rd quarter we continued the option osd tpos binalikan ko po ung 1st quarter na naka itemized deduction po xa tpos nka osd under spouse.. papano po kya ito maayos sir? thank you po
Mag amend po kayo for the first quarter. Yung correct na po.
Just be consistent po sa pag apply ng osd or itemized throughout the year. Kung si husband itemized, dpat itemized po throughout the year. Kung si wife osd, dapt wholeyear din. Just be consistent po.
Question: Pwde bang mag itemized si Husband, while si wife is OSD?
Answer: YES. Kasi si husband is a separate and distinct taxpayer from the wife. Separate po ang computation ng taxes nila. Kaya pwde po na mag osd si wife while si husband is itemized, and vice versa. Just be consistent lang po throughout the year.
Ibig sabihin, kung napili nyo osd kay wife sa first quarter, ipagpatuloy nyo po hanggang annual. Same with the husband. Pero kung di po naging consistent filing nyo po. Eamend nyo nalang po. Magsubmit lang po kayo again ng income tax return para dun sa quarter na nagkamali po kayo. And be consistent
thank you sir, ahm san po pwd mag ammend sir? single pa po ako sole proprietor ng maliit na kainan tlgn nagkamali lng po nasama sa pag pindot ng spouse s online form eh wla nmn po ako spouse.
Thank you sir