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Ep. 128 - Expert Tips on Business Taxes with Sunita Doobay
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Navigating Tax Implications as Your Business Grows
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In today's episode, you'll be diving deep into the world of taxes and exploring the critical role they play as your business expands and evolves. I'm thrilled to have Sunita Doobay, a highly respected tax partner at Blaney McMurtry, joining me as our special guest.
Understanding the Importance of Tax Planning:
As my business has grown, I've come to understand just how crucial it is to consider the tax implications and make necessary adjustments to my business structure. Having a trusted tax advisor by your side as you navigate the different stages of business growth is simply invaluable.
Navigating Cross-Border Tax Implications:
Expanding my business internationally brought a whole new set of challenges, especially regarding the subject of cross-border taxes. For instance, if you're a US employer with employees working in Canada, you might run into payroll tax withholding complexities. Understanding the roles and activities carried out in different countries is important to ensure compliance and avoid any potential penalties.
Common Mistakes and Tax Planning Strategies:
Many individuals make mistakes when it comes to managing their business's tax affairs. Staying up to date with changes in tax laws is absolutely critical, as failing to do so can have serious consequences. That's where a knowledgeable advisor well-versed in cross-border tax implications comes in—they can be a game-changer.
Building a Strong Advisory Team for Business Success:
In the business world, having a strong advisory team is one of the most important things when it comes to success. I encourage all of you to take a close look at your current advisors and consider strengthening your advisory team.
I highly recommend seeking advice from experts like Sunita Doobay, who can provide invaluable insights and ensure your business remains compliant with the ever-evolving tax laws. Remember, understanding tax laws isn't just about compliance—it can also legally save your business money. Tune in to the full episode to learn more!
What’s In This Episode
Adjusting business structure as business grows
Common mistakes and challenges in business taxes
Importance of hiring advisors familiar with cross-border issues
Value of working with knowledgeable and effective advisors
What To Do Next
Visit lisalarter.com/e128 for all resources from this episode.
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