This is a list of frequently asked questions, based on the search terms people have used to find my site. They appear in the order in which I posted them, but you can use the search box or click on any category or tag to find more specific information.
SIC (standard industrial classification) codes are often used by insurance companies to set rates for businesses; classifications are used to determine risk. Your SIC code will affect your liability and workers comp rates a lot, and may also affect employee health insurance costs. If your business is in a higher risk classification, it may be [...]
Even VERY part-time employees, with no paid breaks or other paid time off or any benefits, will cost substantially more than their hourly rate. Initially, there is the cost of hiring and training, which, depending on turn-over, can be quite high for a company. However, once an employee is hired, there are several ongoing costs [...]
DBA stands for “Doing Business As.” A DBA business certificate creates a public record of the name and address of the owner(s) of a business. You are legally required to register as a DBA if you are doing business under any name other than your own (for example, John Smith DBA Smith Consulting Services).
The [...]
The mass.gov website has lots of information. Start at their workers’ comp FAQ’s page.
You might also try the Worker’s Compensation Rating and Inspection Bureau.
Both employers and employees may also find the guide at workrightspress.com helpful.
The Massachusetts Association of Insurance Agents has general information on rates and classifications on their website.
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 see what’s on the report and fix any mistakes BEFORE you try to get credit somewhere. [...]
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 check your report every four [...]
EIN: Employer Identification Number - you should request one from the IRS if you have employees, or your business is a corporation or partnership. You can apply by phone, fax or mail. Go to this page on the IRS website for instructions.
TIN: Taxpayer Identification Number - If [...]
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 generate 1099 reports from Quickbooks, but in actual practice, depending on how many expense categories you had, [...]
The best thing to do in Quickbooks is to make a new vendor or employee. So if you had a subcontractor named John Smith, but now he’s an employee, make an employee named John J. Smith, or John Smith - employee. You can control how his name prints out on his checks when you enter [...]