Arnel Legaspi Jr, CPA

Last month, I was invited to attend this event from GCash. This is their freelancer meet-up for
those in Pampanga. Since I've done several campaigns with GCash already for their GCash
Virtual US Account, I have the idea na as to what to expect.

And even before going there, may mga nameet na akong bagong connections. They are freelancers as well.

Merong more than 10 years na sa industry.
For context, I've been a freelancer sa creative space for just about a year now.

I just tried exploring other opportunities and to tell you all, sobrang daming opportunity out there.
There will be things na akala mo hindi mag-eearn ng income, pero there are hundreds of companies/clients na willing magbayad for that.

Attending this event made me realize that even in our freelancing career, we have to treat this as a business.

Yes, this is considered self-employment, pero at the end of the day, you need to make sure that your "business" is growing.

You need to check your rates. You need to check your skills if they are keeping up with the
fast-paced trend.

Even your costing, you have to factor in a lot of things.

And doon pumapasok si GCash Virtual US Account. It's their newest product for freelancers.
Ang maganda kasi dito, you can receive USD payments as if you have local US bank. Kasi
partner nito is US bank talaga.

So you'll get your USD, free of charge. Parang nag QR payment lang sayo. If you earn 1,000
USD, you'll get 1,000 USD. That's it.

Competitive pa ang rates ng conversion.
I made some videos about it. You can watch na lang sa profile ko.

Overall, this experience is a win for me. I met new friends, I learned a lot of new things, and excited to explore more opportunities waiting out there.

❤️❤️❤️

Our thought leader Arnel Legaspi Jr, CPA is a financial professional who believes that financial decisions should always be built on understanding rather than assumptions.

He is a multidisciplinary professional with experience in many aspects of business from accounting and bookkeeping to even leadership and marketing. What makes him stand out is his ability to integrate all his disciplines into connected systems to solve business challenges.

As an educator and thought leader, he is very analytical and believes that success comes from data driven and informed decision-making instead of reliance on trends and hype. His approach to teaching is simplification of complex concepts, mainly financial principles, into practical knowledge.

Whether advising clients, leading teams, creating educational content, or developing financial solutions, his focus remains the same: to create value through clarity, competence, and practical education.

If you are freelancer, professional, agents, business owners, or anyone na umabot na ng 100k/month,
And nag-iisip ka kung magkano ang tax mo in case na magfile ka, explain ko sayo:

Basically, 3 method yung pwede mong i-consider.
✓ 8% method
✓ Graduated tax OSD
✓ Graduated tax itemized

Kung 8% method ang gagamitin mo,
Inclusive na ito ng Income tax + Percentage tax.
Ganito sya i-compute:

Annual Income
Less: 250k standard deduction
= Taxable Income
x 8%

So in our example:
100k/month x 12 = 1.2M
Less: 250k
= 950,000
x 8%
= 76,000 ✅

Kung Graduated Tax method naman ang gagamitin mo, you have to use the Graduated tax table (ito yung may bracket). This will be your income tax. Then you have to pay separately yung Percentage tax.

May 2 sub-methods pa ito. OSD or Itemized.
It pertains to the DEDUCTIONS sa income mo.
✓ OSD = Optional Standard deduction. (40% ng income mo).
✓ Itemized Deduction = you have to deduct yung actual expenses mo.

Ganito computation ng Graduated Tax OSD:
Income tax:
Annual Income
Less: 40% Optional standard deduction
= Taxable Income
Use the Graduated tax table to compute for tax.

So sa example natin:
100k/month x 12 = 1.2M
Less: 40% ng 1.2M = (480k)
Taxable Income = 720k
Then use tax table.
Pasok sya sa bracket ng 400k to 800k.
Ang tax ay:
22,500 + 20% ng excess ng 720k sa 400k.
=
22,500 + 20% x (720k-400k)
22,500 + 20% x (320k)
22,500 + 64,000
Total tax = 86,500 ✅

Wait, there's more. Kapag Graduated tax method ang gamit mo for Income tax, you need to pay 3% Percentage tax rin.

Percentage tax = Gross Sales x 3%
Percentage tax = 1.2M x 3%
Percentage tax = 36,000 ✅

So combining both taxes,
Income tax = 86,500
Percentage tax = 36,000
Total tax = 122,500 ✅

So you are better off with 8% optional tax.
Kasi you will just pay 76,000 in a year.
Lumalabas na 6,333/month ang tax mo.

If alam mo itong tax methods, makakatipid ka ng 46,500 ✅
Graduated tax OSD: 122,500
8% optional method: 76,000
Difference: 46,500

Meron kaming i-lalaunch na tax compliance app soon.

And for our waitlist, we will give you a comprehensive tax calculator na makikita nyo itong iba't ibang tax methods and makakadecide ka what to use.

Today, I lost another potential closed sale sa insurance. And that's fine.

She approached me last year. Then messaged me again today. Kukuha daw sya para sa asawa nya.

"Kuha ako sir ng affordable. Yung lowest. Pero okay ang benefits. Hindi rin VUL"

"Tapos may monthly pension"

I told her, walang ganyan.
Kahit VUL pa yan, insurance with investment, hindi investment ang purpose nyan. Kung gusto mo ng monthly pension, SSS.

Kung gusto ng investment, maglagay sa MP2. Or cooperatives. Or simply ipunin na lang.

Iba kasi ang insurance. Gagastos ka talaga dito. Para in case namatay or nagkasakit, may claim.

Dividends? Guaranteed cash values?

Wag kayong maaakit sa mga yan. Tunog maganda pero kung ang turing nyo dyan is yan ang main reason bakit bibili ng insurance, mali.

Napakarami pa ring ahente na todo benta kahit na hindi naman fully nagegets ang purpose.

If you cannot sell all types of insurance AS INSURANCE, then don't sell it.

"Much better than bank naman"
- wrong. Never compare it. Magkaiba sila. Bakit, sa insurance ba, mawiwithdraw mo agad? Syempre hindi. All types of financial vehicles, may pros and cons.

Akala mo tumubo ka kasi after 20 years mas malaki ang natanggap kesa nakuha?

Dear agents, research nyo:
Time value of money
Opportunity cost

It will explain why traditional whole life and endowment are not good because of these "guaranteed benefits". They are good because of the insurance benefits.

Renewed my license today 🙌🏻

Sa mga PRC professionals with CPD requirements, until June 30 na lang sila tumatanggap ng CPD undertaking. Meaning, starting July 1, you need to submit CPD right away.

Edit: Until December 31 na daw pala. Hehe.

Ang cool ng threads? 😂 Just shared some tax learnings in the past few days and I don't know why it went up from 200 ff to 2k 🥹💛

I'm so excited dito sa tax compliance app na binibuild namin. Hopefully this will serve a lot of Filipinos.

Tag along if you want to be part of the waitlist 💛

❤️❤️❤️

Concord Partners PH began with a single vision from our founder Miss Magdalene Wee:

To bring the quiet but highly competent voices to the stage because oftentimes, the highest level of wisdom comes from the people who do the work without taking the spotlight.

Take a look at how Concord Partners started from the vision of frequent seminar participant and evolved into an avenue for the best minds to share what they know with other lifelong learners.

Kung freelancer ka na kumikita ng $1,000/month, paano ang tax para sayo?

Let's say $1,000 = ₱61,000/month

You have 2 main taxes to worry.
Income tax at business tax.

Pero before nyan, dapat registered ka na sa BIR and may COR ka na, books of accounts, Sales invoice.

Ganito ang options mo:

Option A. 8% optional tax.
It covers both income tax at business tax.

Option B. Pay Income tax + Pay Business tax.

Okay, Option A muna tayo.
If nag avail ka ng 8% optional tax, ito ang babayaran mo.

Formula: (Annual income - 250k standard deduction) x 8%

Sa isang taon,
₱61,000/month x 12 months = ₱732,000
(₱732,000 - ₱250,000) x 8% = ₱38,560

Roughly pumapatak na ₱3,213/monthly ang tax mo. That's 5.26% of your monthly income

If Option B naman,
You pay income tax using graduated tax method. + You pay 3% percentage tax (business tax).

Income tax.
Formula: Annual Income - Deductions = Taxable Income.

Itong taxable income, i-ccheck mo doon sa tax table. And doon mo macompute ang tax mo.

Sa deductions, may 2 methods ka.
1. Mag ipon ka ng resibo ng gastos. Itemized ang tawag doon.
2. You just claim 40% of income, yan ang deductions mo, tawag dyan ay OSD.

So sample wala ka masyado gastos, mapapalaki ang tax mo.

If you choose OSD, ganito sya computein.

₱61,000/month x 12 = ₱732,000/year
Annual income = ₱732,000
OSD (40%) = (₱292,800)
Taxable income = ₱439,200

When you check sa tax table (https://share.google/Lt1MYUhjvjDVpeuV4)

Your income tax is = ₱30,340

Then you pay Percentage tax (business tax).
Formula: Annual sales x 3%

So ₱732,000 x 3% =₱21,960

Total tax mo = ₱52,300

Option A (8% tax): ₱38,560
Option B (Graduated OSD): ₱52,300

Mas mura at less hassle sa 8% tax.
Pero if in case malaki ang expenses mo, consider Graduated Itemized.

Consult your accountants,

Or if you want a mobile app na kayang ipakita ito lahat sa inyo, with all the bookkeeping to tax features, wait nyo lang app na binibuild namin 💛

Another brand collaboration!! 🥹🙌🏻

Thank you for showing appreciation to how I curate my contents. I may not have a big following (yet, hopefully we can reach more people), but I try my best to add value through the contents that I make.

Medyo di na rin ako nakakapagrelease ng contents kasi right now, we are brewing something huge. Stay tune lang!!! 🙌🏻