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Introduction 1
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Introduction 03 minLecture1.1
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Method of Deductions and Tax Rates 6
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Decisions in choosing Method of Deductions and Tax Rates 06 minLecture2.1
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When Allowable Itemized Deduction is better? 12 minLecture2.2
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When Graduated Rate is better?Lecture2.3
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Requirements in Opting to 8% and Optional Standard DeductionLecture2.4
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Accounting and Bookkeeping with OSD and 8%Lecture2.5
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New Graduated IT Rates TableLecture2.6
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Non-Individual vs Individual Tax Rates 1
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Non-Individual vs Individual Tax Rates 05 minLecture3.1
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New Certificate of Registration for Individuals 1
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New Certificate of Registration for Individuals 06 minLecture4.1
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Sales and Expenses 2
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Sales vs Cost of Sales 17 minLecture5.1
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Common Deductions and ThresholdsLecture5.2
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Loss, CIT & MCIT 2
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Net Operating Loss Carry Over 01 minLecture6.1
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MCIT vs CITLecture6.2
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Live Q&A 2
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Live Q&A Part 1Lecture7.1
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Live Q&A Part 2Lecture7.2
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Outro 1
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OutroLecture8.1
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Final Assessment 1
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Final Assessment Copy 10 questionsFinalQuiz9.1
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2 Comments
In the last part, it was mentioned that a professional can also opt for an OSD then move to Graduated. This is confusing as to how it is better than the mentioned 8% flat. She also spoke of the latter being already a combination of 2 things which is not clarified further.
What does it mean? OSD with graduated or you need to shift into OSD, then next year shift into graduated? can we have a detailed comparison if an individual earns like the following, if they are still qualified, and can they deduct personal?
1. Annual earnings below 500k, 1m, 2m, 3m.
2. which taxable strategies allow expenses like house rental, gas etc. and what is the limit?
To clarify, Graduated tax rate + Itemized Deduction is the default tax method taxpayers are subjected to. Once your taxable income is calculated (deducted all allowable itemized expenses/deduction) taxpayers should check the Graduated tax table to determine how much tax to calculate. OSD or 40% Optional Standard Deduction is a method of deduction you can opt in. Subscribing OSD for the year means you disregard any expenses and itemized deduction incurred by your business and will only 60% of your Sales would be used to calculate tax using the graduated table.
So if you need to use your expenses, don’t opt in to OSD.