a) *Optional Standard Deduction – an amount not exceeding 40% of the gross sales/receipts for individuals and gross income for corporations; or b) Itemized Deductions which include the following: Expenses- Interest- Taxes- Losses- Bad Debts- Depreciation- Depletion of Oil and Gas Wells and Mines- Charitable Contributions and Other Contributions- Research and Development- Pension Trusts *…
Continue ReadingWhat are the allowable deductions from gross income?
porn videos
sean taylor.http://www.xvideoskostenlos.net natalie lust in stunning pov tube clip.
What are some of the exclusions from gross income?
Life insurance Amount received by insured as return of premium Gifts, bequests and devises Compensation for injuries or sickness Income exempt under treaty Retirement benefits, pensions, gratuities, etc. Miscellaneous items Income derived by foreign government Income derived by the government or its political subdivision Prizes and awards in sport competition Prizes and awards which met…
Continue ReadingWhat comprises gross income?
Gross income includes, but is not limited to the following: Compensation for services, in whatever form paid, including but not limited to fees, salaries, wages, commissions and similar items Gross income derived from the conduct of trade or business or the exercise of profession Gains derived from dealings in property Interest Rents Royalties Dividends Annuities…
Continue ReadingWhat is Gross Income?
Gross income means all income derived from whatever source.
Continue ReadingWhat is Taxable Income?
Taxable income means the pertinent items of gross income specified in the Tax Code as amended, less the deductions, if any, authorized for such types of income, by the Tax Code or other special laws.
Continue ReadingWhat is income?
Income means all wealth which flows into the taxpayer other than as a mere return of capital.
Continue ReadingFor record keeping, can we scan the documents for the year 2017 and earlier to comply with the BIR regulation of 10years’ record keeping?
Under RR No. 5-2014, within the first 5 years reckoned from the day following the deadline in filling a return or if filed after the deadline, from the date of the filing of the return, the taxpayer shall retain hard copies of the book of accounts, including subsidiary books and other accounting records. Thereafter, taxpayer…
Continue Reading
when they are checking whether your business is complying with its Tax obligations,