Randall Dang, an accountant from Vancouver, typically provides tax and other accounting services to businesses of all sizes. However, he understands that individuals might have questions about filing their personal taxes as well. Using his experience as an accountant, Randall Dang has provided the following tips for Canadian individuals and couples who have become parents. In Canada, parents may qualify for certain deductions, depending on their situation.
Although it will make your taxes slightly more complicated, these deductions can help you save big. Remember the tax filing date is April 30, so be sure to get your records and taxes in order as soon as possible. And please keep in mind that if you are not comfortable filing your taxes using tax software, you can always hire an accountant like Randall Dang who may be able to find you additional deductions to help you save even more. Here are several things to keep in mind related to deductions and children.
Child Care Deduction
You may qualify for a child care deduction if you pay someone or a child care service to take care of your child so you can go to work, school, or run your own business. The maximum you can deduct is $8000 and it must be claimed by the lower earning spouse if you are married or common-law.
Medical Expenses Deduction
Any out-of-pocket medical expenses can be combined with yours and your spouse’s to claim a larger deduction come tax time. In addition to that, you qualify for an eligible dependent credit if you’re a single parent. And if you received a Universal Child Care Benefit, you will have to include those payments on your tax return as well. Please keep all of these deductions and credits in mind to lower your overall tax bill.
“Should I hire an accountant?”
It’s a question many entrepreneurs ask themselves. Since owning and operating a business requires many expenses, it’s understandable that business owners are rather cautious when it comes to making decisions that will have a big financial impact. But this is exactly why you should hire an accountant. An experienced accountant can ensure your money is being spent wisely and offer expert insight on your business’ financial status as your company flourishes. So, when should you consider hiring an accountant for your small business? Reputable and highly experienced accountant Randall Dang offers the following instances:
Writing a Business Plan
A business plan explains and illustrates the vision you have for your business. In order to achieve that vision, you need a business plan that is realistic and likely to succeed. An accountant can assist with the financial analysis in your plan. This includes data for financing your business now, what will be needed for future growth, and an estimation of your operating expenses.
Determining Your Company’s Legal Structure
Businesses have different legal structures, which are determined by a number of factors. An accountant can explain the different legal business structures available and help you choose the one that best fits you.
If you start to feel like you’re having trouble keeping track of finances or you realize your budget is falling short, an accountant can take a look at your finances and help you get back on track. Randall Dang explains that an accountant can also measure key business metrics, such as salary ratio and employee payments to total revenue so you can see how these numbers change over time.
You Have to Deal with the Government
No one likes to deal with the government, especially when you have a business to operate. This is when an accountant can especially be helpful. They can help by interacting with the government and dealing with things such as complete and file the required legal business documents, prepare annual statements of accounts, handle payroll and ensure all employees’ tax codes and payments are recorded correctly, and more.
Applying for a Business Loan or Overdraft
Should you need to take out a business loan or overdraft, an accountant can help you improve your chances of getting one. Having an accountant can demonstrate to banks and lenders that you are serious about your business.
Can you believe that we’re in the middle of September already? This means that the holiday shopping season is just around the corner. In the United States and Canada, many businesses will need a strong shopping season in order to call it a successful year. Unfortunately, there are some things that businesses can’t control. For example, it was a really warm shopping season last year in many parts of the United States, which hurt the sales of many seasonal products and apparel. However, there are many other things that businesses can control:
Hire a Professional Accountant like Randall Dang: If you are running a small business, you may have a lot on your plate right now. This could make it extremely difficult to run the books as well. Hiring an accountant like Randall Dang to handle CFO services temporarily during the holiday season may be necessary if you can’t afford to hire an accountant full-time. An accountant can handle the bookkeeping, so you can concentrate on other pertinent matters.
Conduct Last Minute Website Testing: Let’s face it: e-commerce represents an excellent sales opportunity for businesses of any size. More people shop online on their laptops or mobile devices than ever before. You will need to make sure your website enjoys 100% uptime and is secure to ensure it can handle the busy shopping season. Be sure to do some load testing, review the content on your site, and check the security credentials on all pages to make sure there aren’t any surprises late in the shopping season.
Make Sure Your Customer Service Team Members Are Customer Service Ninjas: Whether you’re the customer service team or you’ve hired some seasonal help to meet demand, good customer service training is essential this time of year. Conduct new training, simulate real-life potential customer service situations, and maintain a strong social media presence to make sure your customers’ needs are met in this crucial time of the year for your business.
When Randall Dang is not in the accounting office, he is enjoying pop culture like the rest of us. Did you know that he is a big fan of Woody Allen standup? Each year around this time, Woody Allen provides the public with his latest creation. This year, the movie is called Café Society, and it is about a young man who is trying to make it in the movie industry back in the 1930s – Woody sometimes isn’t the most creative when it comes to developing a story. No matter what’s going on in the summer, you can usually count a Woody Allen film, and you can usually count on a rankings list from various publications too.
What is your favorite Woody Allen film? As a big fan of all his work, Randall Dang would find it tough just to rank them in order, but here are five that would surely make the top of the list:
Annie Hall: You can’t have a Woody Allen list without Annie Hall. This is the movie that earned Allen the highest accolades; it even beat Star Wars for the Academy Award. If you want to get into Woody Allen, you start with Annie Hall.
Hannah and Her Sisters: There are so many great performances here. Dianne Wiest and Michael Caine both won Oscars in the Best Supporting categories.
Crimes and Misdemeanors: This one’s a little darker, but it offers a great lesson in philosophy and ethics. Martin Landau plays the optometrist who plays with death in this Academy Award-nominated film.
Purple Rose of Cairo: In this movie, a character in a movie simply walks out of the movie and begins a courtship with a lonely housewife. The movie is set during the Depression and is a good satire on McCarthyism too.
Everyone Says I Love You: A Woody Allen musical? Don’t worry it’s good. The dance number at the end is one of the best moments in film ever.
This Friday, Alex Rodriguez will play his final game for the New York Yankees. As a huge New York Yankees fan, Randall Dang, an accountant from Vancouver, will certainly miss him. Although Randall Dang lives on the other side of the cost, he does make it a point to attend as many games as he can during the summertime when he can make it to the Bronx. Obviously, Alex Rodrigues was a major part of his fandom for the New Yankees over the past decade.
Alex Rodriguez was certainly a polarizing figure for the New York Yankees. If there is such a thing as making too much money, Alex Rodriguez may have been hampered by his $275 million contract that he signed in 2007 with the Yankees, which was at the time more than any other contract in baseball. Was it possible to live up to those numbers? We have seen players since then deal with similar issues – from Albert Pujols to Ryan Howard. Alex Rodriguez is scheduled to make $21 million this year and next year.
Obviously, there was the issue of the PED use as well. In 2013, Alex Rodriguez admitted to using performance-enhancing drugs, which for some fans and sportswriters, completely negated his accomplishments and statistics. Some have still not forgiven him for the incident, and some believe that his career was completely tarnished by his admitted use.
But, as a baseball fan, is it possible to consider these blemishes, but still praise a baseball player with some of the best natural talent in the game? As a Vancouver resident, Randall Dang wasn’t too far from Alex Rodriguez when he became an upstart for the Mariners. You could tell back then that he had some serious talent. He would move on to the Rangers and finally the Yankees where he became an international superstar.
He helped the Yankees reclaim their title as World Champions, beating a defending champion Phillies team that was looking to repeat. In the end, he posted Top 10 Ever level stats. In total, he has 3,114 hits and 696 home runs, which is fourth on the list for most homers. But he was also named by Sporting News as the third most hated baseball player in recent baseball history.
So as Randall Dang and other Yankees fans say goodbye to one of the more polarizing players in history, one thing is known for certain: there will never be another A-Rod.
Spend a few minutes with Randall Dang, and you’ll learn very quickly that he likes numbers. Randall Dang went to school for accounting, and he enjoys several professional distinctions. He is a chartered professional accountant, a certified general accountant, and a certified management accountant. Businesses hire Randall Dang as an accountant to perform duties traditionally designated for a CFO. He helps businesses manage their finances, so leadership can concentrate on other higher order issues.
Unfortunately, when it comes to personal finances, we all can’t hire Randall Dang to do our accounting. But we really don’t need to. Even if you have never taken a course in finance, you can take control of your finances just by thinking like a CFO. So what would a CFO do to manage your finances better if he or she had the chance? Here are several ways to act more like a CFO:
Start Saving: A business needs to have emergency cash and assets on-hand in the event of a market slowdown, new business opportunity, etc. You need to have savings too. Try to save at least 20% of your paycheck and split the rest between fixed and variable costs. If you can’t save this much right away, save what you can and see if there is a way to reduce your fixed and variable costs to meet this goal.
Use Credit Only When You Need to: If a business doesn’t have much cash on hand, it may have to rely on more expensive ways to fund daily operations and payroll. This could mean a business loan. For you, it probably means a credit card. With a credit card, you have to pay interest, which obviously you don’t want to do. Make sure you have access to cash when you need it just in case.
Put Your Assets to Their Best Use: A good business portfolio will include a number of different assets, so it’s not reliant on just one thing. The same holds true in personal finance. Is it smarter to start paying more on your mortgage or use that money to invest in something that could potentially yield higher reward? See where you’re investing and if this is the best way to meet your financial goals.
Among all the things that wind up on a small business startup to-do list, there is the necessary task of accounting that hides in plain sight! As complicated or tedious as accounting may seem, it is vital to the growing success of virtually any business and they must be handled efficiently and appropriately. With that said, professional accountant Randall Dang has six essential tips to help your startup get off on the right foot!
1. Know The Laws Of The Land
Time to break out your notebooks and pencils because you have some homework to do! Whether you are planning the launch of your startup or you’ve already got it up and running, it’s really important to do your research on things like understanding tax forms, write-offs, tax deductions, laws and licensing requirements, and other policies pertaining to your business. Awareness of such information can help you down the road by protecting your business – hindsight is always 20/20.
2. Business Account
Head to a bank of your choice and open up a separate business account to make it easier to track and record all of your business’s income and expenses. This will make things easier during tax time and a simple checking and savings account can suffice. Additionally, research some of the benefits of a business credit card because even businesses can have credit scores.
3. Track & Keep Everything
Randall Dang says that it is critical to the success of your business to track every business expense with receipts to verify them. This also includes any payments you have made on bills and even infrequent travel costs need to be documented. If you don’t track your expenses, you will have a hard time creating reliable financial statements and it can jeopardize accurate reports on your tax returns.
Bookkeeping is necessary in order to create clear and accurate reports. Many small business owners will first start the bookkeeping process with computer programs that inputs the data in spreadsheets but once the business begins to grow larger, they may pass off the duties to an accountant.
5. Jumping On Payroll
While writing out a check to an employee seems pretty easy to pay them for their work, it’s a little more complex than that. You’ll need to establish a credible payroll system that has a schedule and can withhold the appropriate amount of taxes, exemptions, etc.
6. Pay Taxes
If you don’t want the government to come knocking at the door of your business, you better pay your taxes! That means you need to understand what taxes your business owes and also must be aware of tax breaks that can benefit your business. Failure to pay taxes can lead to hefty financial ramifications and it’s wise to hire an experienced accountant to manage them for you.
While these six tips are the barebones minimum, you still have quite a bit of homework to do to ensure your business is on the path to success. Just keep these items in mind as you navigate the waters of business ownership!
The key, as with hiring any professional, is to ask questions and if you are looking for a Chartered Professional Accountant, it should be no different – ask questions. Hiring someone to prepare and examine your businesses’ financial records is not something that should be taken lightly because you need to put all your trust in their abilities. Will they make sure your records are accurate and your taxes are paid properly and on time? Is their financial advice based on what’s best for the business? With so much on the line, it is important to ask questions so you can avoid some financial headaches!
Here are some of the top things to ask when interviewing Chartered Professional Accountant:
1. How much experience do you have?
Experience is a major player in just about every industry and the same is true for accountants. Would you prefer a CPA that has an established record or one that is just starting to develop their client list? While the choice is ultimately up to you, an experienced accountant may have more knowledge and skills at their disposal compared to one that’s just starting out. Would you rather have an accountant like Randall Dang with 20 years of experience or an accountant with 1 year of experience?
2. What’s your educational/professional background?
Every accountant is different and you want to make sure you are working with a professional. With that said, be sure to ask them about their educational background and learn about their professional certificates or designations. For instance, Randall Dang has a formal education in accounting and is a Chartered Professional Accountant of Canada and British Columbia as well as a Certified General Accountant and Certified Management Accountant.
3. What are your fees?
All accountants charge different amounts for their services and before you hire one, you should find out how much they will cost. Be sure to get the price figured out before signing a contract so there aren’t surprises later down the road. On top of that, get a list of all of their services so you can know what things can be done for your business.
4. Are your meeting arrangements and lines of communication flexible?
Communication is key in the accountant world and it’s important that you get updates about your records. Ask how you can contact the CPA and how often they can provide you with information. The more communication you can have, the better.