Contracts and Finance

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Filing Independent Contractor Taxes: 4 Best Practices

By MBO Partners

Filing taxes as an independent contractor can be a tricky road to navigate. When you work as an employee, your employer is required to withhold federal income tax as well as Social Security and Medicare taxes from your payroll check, but as an independent you’re on the hook to do this yourself. When you work…

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How Do 1099 Contractors Get Paid?

By MBO Partners

There are a few different ways you can get paid working as an independent contractor. Typically, you will get paid either by the project or by the hour—this is determined by your bill rate and the written contract you establish with your client. 1. Hourly Payment Most independent contractors prefer to set an hourly-based bill…

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What is a Scope of Work for Consulting Services?

By MBO Partners

What is a Scope of Work? A Scope of Work (SOW) is a document that defines how a project will be executed through specific tasks, activities, deliverables, and timelines. A SOW also provides important legal protections for both you and your client. While many people associate SOWs with large-company projects, they are equally important for…

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Consulting Fees: How Much Should I Charge?

By MBO Partners

Deciding what you should charge for your consulting services is an important step for all independent professionals. Learn how to calculate a cost-based bill rate with this video tutorial.

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Tax Implications of Becoming an Independent Contractor: What You Need to Know

By MBO Partners

There are many benefits to choosing to work independently, and more people than ever before are interested in pursuing this line of work. In 2020, 16% of non-independents said they definitely or probably will become independent over the next 2-3 years—a 23% increase from 2019—and 34% said the pandemic made it more likely that they…

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3 Ways to Build Small Business Credit

By MBO Partners

Build business credit for your small business by following these three essential steps.

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5 Billing Tips for Contractor Invoicing

By MBO Partners

One of the most important tasks you’ll take on as an independent contractor is tracking and billing your time. Whatever billing method you choose, you’ll want to present a reputable, professional contractor invoice to your clients. Follow these five tips to present a clean, professional invoice to your clients. 1. Set a Billing Policy Creating…

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How A Tech Founder Tried to Pivot to Serve Sole Proprietors and Microbusinesses in the Pandemic with Easier PPP Loan Access

By MBO Partners

We had a chance to sit down with Toby Scammel, the founder of Womply, a platform for small businesses. He shares the story of how their company saw the small business impact of Covid even before the government, and how they have tried to help. What is Womply? Womply is a small business focused technology…

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Gross Margin vs. Net Margin

By MBO Partners

Gross Margin vs. Net Margin: Important Accounting Terms for Self-Employed Professionals Gross margin and net margin are two common profit margin ratios you should track on your company’s income statement. These numbers indicate how good your business is at converting revenue into profit, and are important in assessing the financial health of your business. What…

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9 Self-Employed Tax Deductions You May Overlooking

By MBO Partners

As an independent professional, properly managing your expenses is not just good business, it’s also a good income strategy. As a business-of-one, you will likely incur fixed costs that can’t be billed back to a client. You may also need to take care of expenses such as health care and retirement. Each of these fixed or variable costs…

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