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After we have thoroughly discussed in our previous video lectures the components of gross income subject to normal tax, we are now discussing the allowable deductions. • In this video, we distinguish the concept of Optional Standard Deduction as a charge against the taxpayer's gross income in lieu of the itemized deductions. We have also mentioned the advantages and disadvantages when claiming OSD, and the rules applicable when claiming for OSD. • If you haven't watched yet the comparison between Itemized Deductions and Optional Deduction, please click this link to redirect you to our video discussion: • [TOPIC 26] ALLOWABLE DEDUCTIONS | Ite... • =================================================== • To further understand the 10 ITEMIZED DEDUCTIONS, please watch the following videos in order: • 1. General Business Expenses: • [TOPIC 27] ITEMIZED DEDUCTIONS | Gene... • 2. Interest: • [TOPIC 28] ITEMIZED DEDUCTIONS | Inte... • 3. Taxes: • [TOPIC 29] ITEMIZED DEDUCTIONS | Taxe... • 4. Losses • 4.1. Losses from Casualties: • [TOPIC 30] ITEMIZED DEDUCTIONS | Loss... • 4.2. Losses from Operation (NOLCO): • [TOPIC 31] ITEMIZED DEDUCTIONS | Net ... • 4.3. Losses from Wash Sales, Abandonment and Wagering Losses: • [TOPIC 32] ITEMIZED DEDUCTIONS | Wash... • 5. Bad Debts: • [TOPIC 33] ITEMIZED DEDUCTIONS | Bad ... • 6. Depreciation: • [TOPIC 34] ITEMIZED DEDUCTIONS | Depr... • 7. Depletion: • [TOPIC 35] ITEMIZED DEDUCTIONS | Depl... • 8. Charitable Contributions: • [TOPIC 36] ITEMIZED DEDUCTIONS | Char... • 9. Research and Development: • [TOPIC 37] ITEMIZED DEDUCTIONS | Rese... • 10. Pension Trust: • [TOPIC 38] ITEMIZED DEDUCTIONS | Cont... • =================================================== • Also, if you want to know about the components of gross income, and how to compute an income, please watch the following videos. • 1. Sale of Real Properties Classified as Capital Assets: • [TOPIC 23] DEALINGS IN PROPERTIES | C... • 2. Sale of Shares of Stocks: • [TOPIC 24] DEALINGS IN PROPERTIES | C... • 3. Sale of Capital Assets not Subject to Capital Gains Tax: • [TOPIC 25] DEALINGS IN PROPERTIES | S... • 4. Ordinary Assets and Capital Assets: • [TOPIC 22] DEALINGS IN PROPERTIES | O... • 5. Computation of Gross Business and Professional Income: • [TOPIC 13] GROSS BUSINESS AND PROFESS... • 6. How to Compute Compensation Income: • [TOPIC 12] GROSS COMPENSATION INCOME ... • 7. Final Income Tax on Certain Passive Income: • [TOPIC 14] PASSIVE INCOMES | Final Wi... • I will upload videos every Monday, Wednesday and Friday.
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