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
- * Not allowed to non-resident alien individual
- * A General Professional Partnership (GPP) may avail of the OSD only once, either by the GPP or the partners comprising the partnership
when they are checking whether your business is complying with its Tax obligations,