In this episode, Carmen Vetian, a CPA, discusses the importance of proactive tax planning and the value of having a professionalteam to support business growth. She emphasizes the need for business owners to look beyond just tax compliance and to engage in strategic planning for future success. Carmen shares insights on common mistakes in tax planning, the significance of due diligence in acquisitions, and the role of accountants inensuring financial health. The conversation highlights the importance of communication among professionals and the need for business owners to understand their financial statements to make informed decisions.

Takeaways

-             Tax planning should focus on future growth, notjust compliance.

-             Having a professional team is crucial forbusiness success.

-             Advisory services can save businessessignificant amounts in taxes.

-             Planning for tax and financing must be donesimultaneously.

-             Understanding depreciation can lead to bettertax strategies.

-             Due diligence is essential when acquiring abusiness.

-             Accountants should help clients understand theirfinancial statements.

-             Communication among professionals is key toeffective planning.

-             Investing in advisory services can yieldlong-term savings.

-             Business owners need to be proactive in managingtheir finances.

Chapters

00:00 Introduction to Carmen Vetian's Professional Services

00:56 The Importance of Tax Planning

03:28 Advice for Business Expansion and Acquisitions

08:42 Understanding the Value of Advisory Services

12:10 Common Mistakes in Tax Planning

15:04 Navigating Business Acquisitions

25:52 Due Diligence in Business Transactions

28:22 The Role of Accountants in Due Diligence

30:33 Advisory Roles: Accountant vs. Lawyer

31:44 The Importance of Professional Advice

33:58 Investing in Professional Guidance

36:08 Understanding Tax Planning and Compliance

37:57 Operational vs. Tax P&L Layout

43:11 The Value of Detailed Financial Reporting

48:49 Collaboration for Client Success

51:53 Understanding Tax Strategies and Legal Compliance

53:31 The Importance of Professional Expertise in Business

55:14 Navigating Tax Complexity and Business Accountability

57:35 Preventing Embezzlement Through Financial Awareness

01:00:29 The Role of Bookkeeping in Business Integrity

01:04:06 The Value of Coaching and Profit Planning

01:06:15 Connecting with Professionals for Business Growth

Hosts are Greg Forzani and DennisTaekema.

Our guest is Carmen Vetian CPA, CGA,CDFA  from Carmen A Vetian Professional Corporation www.cavprofcorp.ca .

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