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Bookkeeping

Modern bookkeeping techniques using plain-text and automated workflows

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11 min read

Traveling Carnival and Fair Concessionaire Bookkeeping: Gross-Revenue Splits, Multi-State Permits, and a Route of One-Week Stops

How carnival and fair concessionaires should keep books for a route business — recording 25–50% gross-revenue splits and guarantee floors per stop, registering for sales tax permits that differ by state (Ohio's statewide license vs. California's per-location permits vs. Illinois's changing-location filer status), reconciling cash daily against ticket counts, and tracking day-labor payroll and 1099 thresholds across state lines.

Mike Thrift

bookkeepingsmall-businessseasonal-business
9 min read

UAE Small Business Relief Ends After 2026: What Freelancers Need to Do Now

The UAE's Small Business Relief — a 0% corporate tax election for resident businesses with revenue of AED 3 million or less — expires for tax periods ending after December 31, 2026. Here is what freelancers and small businesses should do before the standard 9% rate applies, from the AED 1 million registration threshold and its AED 10,000 late penalty to building profit-ready bookkeeping.

Mike Thrift

taxtax-compliancetax-planning
7 min read

Virginia HB 238: The Three-Year Pay Stub Retention Rule Now Binding Every Employer

Virginia's HB 238, effective July 1, 2026, requires every employer to retain pay statements for at least three years, presumes workers are employees unless the IRS contractor test is met, and imposes treble damages for knowing wage violations. Here is what changed in Va. Code § 40.1-29 and a retention checklist that also covers federal FLSA, IRS, and public-works rules.

Mike Thrift

payrollcompliancesmall-business
9 min read

Bookkeeping for Ammunition Reloading Supply Shops: Component Sales, FAET, and Lot-Level Inventory

A reloading supply shop that only sells bullets, brass, primers, and powder owes no federal ammunition excise tax — but loading and selling finished ammunition triggers an 11% FAET liability filed quarterly on TTB Form 5300.26. This guide covers the chart of accounts, lot-number FIFO inventory tracking, and hazmat freight costing that keep a component retailer or hybrid manufacturer compliant.

Mike Thrift

bookkeepingsmall-businessinventory
7 min read

Bill-and-Hold Arrangements Under ASC 606: When You Can (and Can't) Recognize Revenue on Goods a Customer Hasn't Picked Up Yet

ASC 606 permits revenue recognition on bill-and-hold arrangements only when four criteria are all met — a substantive reason for the delay, goods segregated for the customer, readiness for immediate transfer, and no seller right to redirect them. This guide walks through each test, a worked allocation example splitting goods revenue from a separate storage obligation, legitimate use cases, and the seller-initiated-delay red flag that draws SEC scrutiny.

Mike Thrift

revenue-recognitionaccountingfinancial-reporting
8 min read

Commercial Umbrella Insurance for Small Businesses: What It Covers, What It Costs, and How Much You Need

Commercial umbrella insurance adds extra liability coverage above general liability, commercial auto, and employer's liability limits — typically $400–$7,000+ per year per $1 million layer. With 135 nuclear verdicts totaling $31.3 billion in 2024 and carriers cutting available limits, here's how small businesses should size and price umbrella coverage in 2026.

Mike Thrift

business-insuranceinsurancesmall-business
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