I'm Giancarlo Enrico S. Pozon, a Wushu instructor, investor and Barrister... That's right, Barrister; I graduated from law school and took the Bar Exams, now I'm waiting for the results. I created this blog to make Philippine Law easy to understand for the average person. It's all about free legal advice. There are many law blogs. But the problem is that many of them are written for lawyers and law students. They use words that can't be understood by ordinary people.
Many lawyers, judges and law students consider themselves as superior to most human beings because of their knowledge of the law. It bothers me since the law is supposed to serve society. Since the law is meant to serve society as a whole, it is important that is must be understood by everybody.
This does not mean that we should all become lawyers. It means that although law is a highly specialized profession, the first duty of everybody in this profession is to make the law understandable to all; that's why all these articles are free legal advice.
Like I said, this blog is about law -but it's for the ordinary people, not the lawyers. It's for the ordinary folk so they will know what is good and bad for them, and that making them aware of the law will help us all improve society as a whole. This is free legal advice for everybody!
We've already taken up computing taxable income, deducting expenses before tax, gross income and its exclusions and your income tax rates. What we now have here are the expenses that you can't deduct from your gross income:
1.) Personal, living and family expenses (they're not the same as personal exemptions)
2.) Any amount spent in restoring property or making good its exhaustion for which an allowance is/has been made
3.) Any amount spent for new buildings/permanent improvements that will increase the value of the property/estate
4.) Premiums paid on any life insurance policy on the officer, employee or any other person financially interested in any trade/business carried out by the taxpayer, whether individual or corporate, provided the taxpayer is a direct or indirect beneficiary of the policy. Note: if the beneficiary is the family of the person covered by the policy, the premiums can be deducted.
So these are what you can't deduct from your gross income.
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