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Question

Deductions from Gross Income - Itemized Deductions

John, a professional photographer, operates his own business and earns income by rendering photography services. During the taxable year, he incurred various expenses related to his photography business. John wants to maximize his deductions for itemized expenses to reduce his taxable income.

Identify the deductible expenses that John can claim as itemized deductions under Section 34 and Section 36 of the Philippine Tax Code. Provide specific examples and explain the corresponding requirements or limitations for each type of expense.

1. Advertising and Promotion Expenses
2. Bad Debts
3. Charitable Contributions
4. Employee Compensation and Benefits
5. Insurance Premiums
6. Interest Expenses
7. Legal and Professional Fees
8. Rent and Lease Expenses
9. Repairs and Maintenance Expenses
10. Travel and Transportation Expenses

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Answer