Contracts and Finance

Top 2 Independent Consulting Challenges and How to Overcome Them

August 16, 2019

Working as an independent consultant and being your own boss offer a number of benefits including setting your own hours, determining your specialties, and choosing your clients. However, independent consulting is not without its challenges. In MBO’s State of Independence report, we surveyed independent consultants to learn about their experiences, goals, and difficulties. Here, we…

View More

Writing a Scope of Work: Actionable Tips and Techniques

August 5, 2019

What is a Scope of Work? Before starting a new project, independent professionals are often asked to prepare a Scope of Work (SOW) document that outlines the terms of their project and details items like payment terms, roles and responsibilities, and a timeline for work. This is a straightforward document, but if you’re compiling one for the first…

View More

How Do I Negotiate a Contract as an Independent Consultant?

August 2, 2019

In any business agreement, it is highly recommended to use a well-written contract. Contracts provide clarity, establish a relationship, and offer protection to all parties involved. For these reasons, many independent professionals wisely insist on using written contracts for every client project. In some cases, you may use your own contract, but clients will generally…

View More

4 Self-Employed Tax Advantages

May 24, 2019

Being self-employed may not always be simple, but it definitely has its rewards. Doing what you love and having the flexibility that comes with being your own boss can certainly make the challenges worthwhile. In some cases, being self-employed can also have some less obvious tax advantages. Making sure you plan according to the tax…

View More

5 Ways to Make Filing Self Employed Taxes Easier

April 10, 2019

Life as an independent professional involves a different approach than that of a full-time employee, and the same can be said for independents come tax time. Since many independents receive payment on a 1099, it’s important to note that tax time for independents isn’t as straightforward as simply plugging a few numbers into an online…

View More

Coverages, Exclusions, and Endorsements Independent Professionals Should Know

April 9, 2019

If you’re an independent professional, you’ve likely gotten a contract that required business insurance. While the flexibility and autonomy of working independently are a large part of what draws so many people away from the traditional W-2 lifestyle, they also means you have to navigate the complicated world of business insurance on your own. Liability…

View More

Gross Income vs Net Income: What is the Difference?

March 28, 2019

Gross income and net income are two important numbers to know when it comes to understanding how your business is doing and paying taxes as an independent professional. Because gross income is used to calculate net income, they can be easy terms to confuse. What is Gross Income? Gross income is the total amount you earn…

View More

4 Tips and Tools for Keeping Track of Your Expenses as an Independent Contractor

February 26, 2019

If you’ve been an independent contractor for more than a year, you know how fun it can be to gather up your expenses come tax time. This is definitely one of those times where an ounce of prevention is worth a pound of remedy. That’s why we’ve come up with four tips to help you…

View More

7 Ways To Cut Expenses

January 4, 2019

There’s never a bad time to check your spending and reassess your expenses. While any business budget can benefit from a little belt-tightening, as an independent contractor you deal with smaller profit margins than large companies. That means the need to keep expenses to a minimum is more pressing. We’ve assembled a list of 7…

View More

How To Give Back on a Budget as an Independent Contractor

December 14, 2018

Even as a business of one, philanthropy can be an important part of your brand. Not only is charitable giving a great way to give back to your community and support a good cause, but it can also help to build connections with existing and potential customers, differentiate your business, and gain positive publicity. However, as…

View More