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.
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.
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.
The New York Yankees didn’t do themselves any favors, unfortunately, this weekend in Boston when they were swept by the Red Sox in a crucial four game series. The Yankees had leads in several of the games, but they weren’t able to hold on. The worst may have been on the first night when their closer, Dellin Betances, blew a save in the ninth. This would start a four game sweep that Yankees fans like Randall Dang, an accountant from Vancouver, weren’t happy to see. A sweep in the other direction could have made the AL East race much more interesting with only a few games left to go.
Now the Yankees have just thirteen games to make up a three game deficit to catch the Toronto Blue Jays for the second wildcard. Unfortunately, there are three other teams (Detroit, Seattle, and Houston) that they must jump over, making it a tall, but not impossible challenge. But if anybody can conjure up some late September magic to make it to the post-season, it’s obviously this storied franchise.
The Yankees have had a roller coaster ride this past season. They said goodbye to A-Rod and were sellers in the trade deadline. However, a youthful push from the team’s youngest players started a streat that some fans thought could possibly lead them to the playoffs. At one point, they were one game out from the second wildcard spot. It will be tough, but even if the Yankees don’t make the playoffs, Accountant, Randall Dang, and other fans have a lot to be proud of.
Randall Dang is a big Yankees fan, and he has been one most of his life. He still tries to make it out to the Bronx as much as he can to catch the Yankees in person.
Running a small business is difficult. We’ve all heard the statistics about how half the small businesses out there fail in the first year, and up to ninety percent of startups ultimately fail. The deck isn’t stacked in their favor, so small business owners must make sure that they aren’t sabotaging themselves. One area where this all too often is the case is in finance. Here are a few tips to help you manage your finances better, so you can concentrate on making your business succeed:
Hire a Professional: Not everyone went to school for accounting like Randall Dang. If you are an entrepreneur who had a passion for something and now spends most of the time struggling with the books, you may want to consider hiring a professional. An accountant like Randall Dang could help you get things back in order and free your time for more relevant issues related to your business. Even if you don’t think you can afford it, you may not be able to afford not getting some professional help.
Don’t Treat the Business Account like an ATM: Keep your business banking account and your personal bank account separate. Mixing the two is the easiest way to cause confusion and so many accounting headaches. Although you could just pay the business back, this creates more paperwork and tracking deductible expenses becomes even more difficult. Save yourself the trouble and just keep the two separate.
Stay on Top of All Invoices: If there is one thing that can’t be overstated, organization is the best way to keep your finances in order. You may have a number of different invoices, and a good organizational system is the key to making sure that you miss one and don’t get paid. Remember what we said in the beginning: running a business is difficult. Don’t make it more difficult by not paying yourself.
If you’re getting ready to launch your business there is a congratulations in store for you! It takes a lot of dedication, hard work and perseverance to get to where you are today. However, as you probably already know, running a business is no easy feat – there will be hurdles to jump, milestones to reach and an ever-expanding to-do list! With that in mind, you’ll need to ensure you have a financial plan in place to set your business up for financial success. To get started, Randall Dang has nine business accounting tips to give you the foundation you need to operate a financially sound business.
Once you have registered your business, you will need an account to hold your business income. While you could possibly throw the money into your personal account, it’ll be a nightmare to deal with later on, so it’s not the best tactic. The reason why you’ll need a separate business account is for tax purposes because it’ll make it easier during tax season and some businesses (LLCs, partnerships, corporations, etc.) are legally required to have separate accounts.
Since you’ll have a separate business account, it’ll be much easier to track and record your business expenses effectively. Building financial statements, tracking deductible expenses and preparing your tax returns will allow you to monitor the growth and health of your business when it comes time to file your tax return. Ensure you establish a system to organize receipts and other important records!
Bookkeeping takes expense monitoring to another level and you should establish a working system to understand exactly how your business is performing. It’s the process of day-to-day recording of transactions, categorizing them and then reconciling bank statements. DIY software and accountants like Randall Dang can perform bookkeeping duties, so there are solutions out there that can fit your needs.
While your startup may only consist of you at first, you may need to hire employees as you grow and for this reason, you’ll need to set up a payroll system from the get-go. Whether you hire someone as a freelancer, contractor or full-time employee, it’s important to establish a payroll system that’ll have a payroll schedule and to ensure you are withhold the correct amount of taxes.
As a new business owner, you will need to research and investigate taxes to learn about the rules that will apply to your business. For instance, if your product/service required materials that are imported from other countries, it may be subjected to taxes and duties, which means you need to understand the fees associated with those incoming goods.
In order to get paid for your services/products, you need to figure out your payment methods. If you’re running a website, consider setting up credit card payments through your online store. If you have a brick and mortar store, you should look into payment processing systems like POS terminals, registers, etc. It’s important to accept a wide variety of payment methods to ensure you are providing your customers with an assortment of acceptable ways to pay.
Customers are used to paying sales tax and that should be no different with your business. You’ll need to start collecting sales tax immediately and it’s vital to track and record how much is generated. Be sure to research the laws regarding sales tax for local customers as well as international ones.
Depending on the structure of your business, you will need to research your specific tax obligations and abide by them. For instance, if your business is an LLC, partnership or proprietorship, you’ll be able to claim your business income on your personal tax return. However, if your considered a corporation, you’ll have separate tax entities and different employment tax status.
Last but not least, it’s important to always re-evaluate your methods to reassess the amount of money your business is spending while it grows. Keeping up with your finances and bookkeeping will help you stay on top of everything going on within your business!
A professional accountant is one of your business’s most important resources as they can help your company grow and succeed. However, if you have an accountant that isn’t that great, they may actually be hurting you more than they are helping you. With that in mind, here are 5 warning signs that may indicate you need to hire a new accountant like Randall Dang!
1. No explanation of financial statements
One of your main reasons for hiring an accountant may have been to go over your financial statements because many can find it challenging to interpret what they mean. With that said, if your accountant keeps you in the dark or they cannot explain the financial statements in a way that you can understand, it may be time to find a new accountant. A good accountant like Randall Dang will be able to decipher the information and relay it in an easy to understand format so you will know what’s going on.
2. They don’t know the industry
Every industry is different, which means there could be different tax codes and tax breaks that could apply to your business. If your accountant is not familiar with your industry, they could be jeopardizing your business. When looking for a new accountant, ask them for some client references who are in similar industries because this can give you some insight on their experience.
3. Communication is difficult
Do you have problems contacting your accountant over the phone? Do they take weeks to get back to you over email? If so, it is time to cut ties and find a new accountant. Communication is key, especially when it has to do with your business’s finances. Taking extra, unnecessary steps just to reach someone wastes your time and just adds more stress to the process. Find an accountant who will make time for your business and your finances.
4. They don’t provide advice
If your accountant can’t bring new ideas to the table to increase your profits or to better manage the business’s finances, you might want to find a new accountant. While they certainly are not responsible for running your business, they should be able to give you some advice and suggestions to make more money in the long run.
5. They always file documents late
One of the other big reasons why you may have originally hired an accountant could have been to file taxes in on time. It’s easy for business owners to get overwhelmed at the thought of preparing tax documents, so it’s a common thing to hire an accountant for just that reason. However, if your accountant is filing all of your legal tax documents late, it is a bad sign.
Taking on a new accountant can be a breath of fresh air because they will bring a new perspective to the table and can help you grow. If your current accountant exhibits any of the above warning signs, it’s time to start looking for a new one.