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What Is the Difference between Tax Evasion and Tax Avoidance?

Tax Evasion, Offshore Account

Nobody wants to be audited. Although Randall Dang is an accountant from Canada, he visits the United States all of the time and is familiar with its tax code. He would like you to know the difference between tax evasion and tax avoidance as they are two very different things. One will help you save on your tax bill; the other will cause you to get audited and potentially fined and even jailed if the offense is bad enough. So what’s the difference between the two anyway?

Tax evasion is a big no-no. It’s usually when you fail to report all of your taxable income on purpose or report expenses that are not legally allowed in an effort to take a larger deduction. It could also just refer to not paying taxes at all. Examples of tax evasion include deliberately falsifying your income or underpaying taxes owed.

Tax avoidance is perfectly legal. This refers to when you minimize your taxable income by using methods approved by the IRS. For example, you can set up an IRA and put money in it to avoid paying taxes on it today. You can also take legal deductions, like business expenses or mortgage interest.

Oftentimes, these terms are used interchangeably, but they couldn’t be further apart. Sometimes the line could be murky here so you might want to hire an accountant like Randall Dang if you are unsure of the difference between the two still.

Who Is Randall Dang?

Randall Dang is an accountant from Vancouver, British Columbia, Canada. He has been an accountant for more than twenty years, and he has achieved the following professional certificates:

  • Chartered Professional Accountant (CPA Canada & BC)
  • Certified Management Accountant (CMA Society of Canada & BC)
  • Certified General Accountant (CGA Association of Canada & BC)

Randall Dang, an accountant, has been hired by entrepreneurs, small businesses, and major corporations to take care of their accounting needs.He specializes in tax preparation, risk management, and overall financial consulting. He has been hired to perform temporary CFO responsibilities for a wide variety of corporations, small businesses, and organizations as well.

In addition to his accounting responsibilities, Randall Dang is a major Yankees fan. He visits the Bronx every year to root the Pinstripes on. Moreover, he is a lover of music of all kinds, and he is a comedy nerd. He is also a sterophile, which means he can be found playing with a ton of sound equipment and recording equipment.

Randall Dang is available for hire for a wide variety of accounting services. If you’re looking for an experienced accountant who lives in the Vancouver area, you would be hard-pressed to find a better one than Randall Dang.