time travels through coin collectionstime travels through coin collections


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time travels through coin collections

I never really understood the hobby of coin collecting until I was going through my grandfather's things after he passed away. When I came across his coin collections, I quickly began to see coins in a whole new way. Not only did he collect the coins, but he inserted a short description of when he obtained the coins. For each of his kids' births and his grandchildren's births, he collected a new coin. Coins are not only monetarily valuable, they tell the story of time. I have learned as much as I can about each coin in my grandfather's collection so that others can follow the story of time as it is expressed through collecting coins.

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Why Strategic Tax Planning Is Crucial For Helping Your Small Business Thrive

No one starts a business hoping for it to fail. You put blood, sweat and tears into your small business with expectations of success. However, many factors outside of your control can cut into your bottom line if you do not plan every stage of growth properly. This includes how much taxes you pay at every step of a transaction, from purchasing supplies to paying local tariffs.

One of the ways businesses minimize bleeding money unnecessarily is to implement a strategic tax plan. If you own a small business and have not implemented such as plan, your accountant can help you get started. The following primer on strategic tax planning can help you understand why implementing the strategy is beneficial for your business.

It is a Plan With Specific Actions

Although using a business plan is crucial when you start a company in order to keep you organized and on track with your goals, it is important to have a strategic tax plan in place as well. A strategic tax plan is more geared towards helping you make decisions and allocate resources to reach specific financial goals while minimizing tax liability. An accountant that specializes in strategic planning can help you determine realistic goals and suggest specific actions on how to reach them while staying in compliance with laws.

It is Proactive

When you are ready to start selling your products or offering services to clients, you may be primarily focused with generating as much as revenue as possible. Even if you are wildly successful, you may begin to experience problems that affect your bottom line and how much taxes you pay on each transaction.

Instead of scrambling on defense to fix problems after they surface, go on the offense by working with a strategic tax planning professional to help you prepare for common supply and demand issues in advance. This involves planning how to negotiate and payments for raw materials and products before you spend a dime on supplies.

You want to take advantage of any regulations that can help your business turn a profit. The overall goal of being proactive with strategic tax planning is to help you minimize the amount of taxes you pay on each transaction in order to maximize after-tax income.

It Can Help With Estate Planning

If your business has just a few employees and includes family members on the payroll, it is crucial to have a plan in place in the event that something happens to you. Strategic tax planning incorporates trust and estate planning so your business will be handed down to your heirs in a fiscally responsible manner.

Instead of the business going into disarray when you pass away or become too ill to work, you can rely on a succession strategy devised by professionals. A well-thought out succession plan will ensure that your family does not end up paying more taxes than necessary when the business is passed down.

It Provides You With a Roadmap for Success

When you hire someone to help you devise a strategic tax plan, you will spend a lot of time providing extensive information and details about your company's finances. You will need to provide income statements from the past few years, balance sheets, budget projections, personal tax returns of all owners, property depreciation records, corporate tax returns and your business plan.

You should also provide all documentation detailing the ownership structure of your business. Your business structure affects your taxes.

All of this information will provide the basis for a comprehensive report that you will use as a roadmap for success. The report will also include suggestions on how to implement the strategies outlined in the road map.