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Small Business

Financial management strategies and tools for small business owners

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7 min read

Spec Home Builder Bookkeeping: WIP Schedules, Percentage of Completion, and Why Profitable Builders Run Out of Cash

A monthly work-in-progress (WIP) schedule turns four numbers per job — contract price, estimated cost, costs to date, and billings to date — into an early warning for overbilling and underbilling, the cash-flow gaps that sink profitable builders. Spec builders also differ from contract builders on revenue recognition, since homes held as inventory typically use the completed contract method under the IRC Section 460 home construction exemption.

Mike Thrift

constructionjob-costingbookkeeping
5 min read

Stripe and Advent's $53.4 Billion Bid for PayPal: What It Means for Your Merchant Fees

Stripe and Advent International offered $60.50 a share — about $53.4 billion — to buy PayPal, a deal that would merge processors handling $3.7 trillion in annual volume. History shows consolidation like Global Payments-Worldpay raised merchant costs through padded fees, so here are four concrete steps to protect your processing costs now.

Mike Thrift

paymentsfintechmergers-and-acquisitions
10 min read

Tailoring and Alterations Shop Bookkeeping: Separating Fabric COGS From Labor, Depreciating Equipment, and Knowing When You Need a Seller's Permit

Alteration labor on a new garment is often taxable while the same work on a used one is exempt — one of several rules that make tailoring shop bookkeeping tricky. How to split fabric COGS from labor revenue, depreciate sewing equipment via Section 179 or MACRS, and know when selling a single zipper triggers a seller's permit.

Mike Thrift

bookkeepingsmall-businesssales-tax
7 min read

The IRS Doesn't Have to Prove You Lied — It Just Has to Prove Your Receipts Don't Exist

In Goodwill-Oikerhe v. Commissioner, a tax preparer lost every disputed deduction — dependents, property tax, vehicle expenses, S-corp flow-throughs — and drew a 75% civil fraud penalty under Section 6663, largely because no records existed. Why the Cohan rule couldn't rescue him, and what contemporaneous bookkeeping must capture to survive an audit.

Mike Thrift

taxaudittax-deductions
7 min read

USPS's Second 2026 Rate Hike: What the Temporary 8% Surcharge Means for Small Shippers

On April 26, 2026, USPS layered a temporary 8% surcharge on Priority Mail, Priority Mail Express, Ground Advantage, and Parcel Select — on top of January's general rate increase — scheduled through January 17, 2027. Why small shippers absorb more of the hit than enterprise accounts, why the sunset date deserves skepticism, and four ways to limit the damage.

Mike Thrift

small-businesse-commerceexpense-management
7 min read

USTR's Forced-Labor Section 301 Tariffs: What 10–12.5% Duties on 60 Economies Mean for Small Importers

In June 2026, USTR concluded 60 simultaneous Section 301 investigations and proposed additional tariffs of 10% (economies with an unenforced forced-labor import ban, including Canada, Mexico, and the EU) or 12.5% (the 54 economies with no ban, including China, India, and Vietnam) — duties that stack on top of existing Section 232, IEEPA, and China 301 rates. Here is who is on each list, how the surcharge compounds landed cost, and five steps small importers should take before the final rate publishes.

Mike Thrift

tariffscustomssmall-business
8 min read

Vermont's H.211 Data Broker Law: Is Your Small Business a 'Data Broker' Now?

Vermont's H.211 (Act 138), signed June 16, 2026, raises the data broker registration fee from $100 to $900, adds a $20,000 surety bond, and imposes penalties up to $200/day for failing to register by January 1, 2027. Its narrower "direct relationship" test can classify loyalty programs, payment facilitators, SaaS platforms, and affiliate marketers as data brokers.

Mike Thrift

small-businesscomplianceprivacy
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