Bookkeeping Frequently Asked Questions

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I'm a nonprofit, exempt from FUTA. Do I still have to pay SUTA?

Although nonprofits are exempt from FUTA (Federal Unemployment Tax), they are not exempt from SUTA unless they self-insure (in Massachusetts, this option is only available to nonprofits). Self…

How do I track subcontractor payments in Quickbooks?

You should enter their bills or payments as multiple line items, using separate expense accounts for materials and labor. At the end of the year it is theoretically possible to print 1099's right out…

How do I get a free copy of my credit report?

You are entitled to one free copy of your credit report each year from each of the three major credit reporting companies. Since the information from each company should be very similar, you can…

I don't have a credit card. Why do I need to check my credit report?

Identity theft is a huge problem. Even if you've never applied for a loan or a credit card, you should check your credit report to make sure no one else has applied for anything in your name, and to…

What are the rates for different workers' comp classifications?

The Massachusetts Association of Insurance Agents has general information on rates and classifications on their website. If you think your business has been misclassified and it’s affecting…