Contracts and Finance

How to Prepare for Tax Season as an Independent Contractor

By MBO Partners

Tax season as an independent contractor comes and goes throughout the year as you file quarterly, but April 15 tends to be the biggest date of the year as it is the deadline for personal income tax. There are many steps you can take in preparation for this deadline to help make sure filing goes…

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consultant looking at charts

Gross Income vs Net Income: Differences and How to Calculate

By MBO Partners

Gross income is the total amount you earn and net income is your actual business profit after expenses and allowable deductions are taken out. However, because gross income is used to calculate net income, these terms are easy to confuse. When you run your own business, understanding the difference between gross income and net income…

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consultant

Consulting Rates: How to Determine My Bill Rate

By MBO Partners

How do you calculate your consulting rate?  It’s a question most W2 employees ask themselves when they want to become a consultant. How can you maximize today and prepare for a profitable consulting business? 1. Evaluate Your Bill Rate When’s the last time you evaluated your pricing strategy? Have your bill rates remained steady for…

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calculator

How To Give Back on a Budget when You’re Self Employed

By MBO Partners

Philanthropy can be an important part of your brand, even if you’re self employed. 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. But as a…

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taxes

Gross Pay vs. Net Pay: Definitions and How to Calculate

By MBO Partners

As an independent professional it’s important to understand key financial terms. There will be a financial component to every part of your job, from the beginning of a project when you are negotiating with a client about your rates and writing a contract, to the end of a project when you are invoicing a client…

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consultant managing expenses

Top 6 Tax Write Offs for Self Employed Professionals

By MBO Partners

The ability to manage your business expenses is not just good for your company, it’s also a good income strategy as an independent professional. As a business of one, you will incur fixed costs that cannot be billed back to clients. You’ll also need to handle expenses such as health care, retirement funds, and other…

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taxes

What is Net Salary: Definition and How to Calculate

By MBO Partners

If you’re considering starting a small business, you are probably encountering many new financial terms as you begin to set your bill rate and put systems in place for tracking your time, and collecting invoices. Understanding these terms and numbers are an important part in determining the sustainability and success of your business. They can…

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Independent pro

6 Things to Start NOW to Increase Your 2023 Billing Rate and Revenue

By MBO Partners

It’s the last quarter of the calendar year and time for 2023 planning.  As you work through your business goals and growth strategies for the coming year, consider your current rate schedule along with new ways to increase revenue. Refer to benchmark services that cover your market and skill set to compare the rates they…

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creating a proposal

GUIDE | 8 MIN READ

How to Write and Deliver a Consulting Proposal (Template)

By MBO Partners

Learn how to write and deliver proposals as a consultant.

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Scope of Work

GUIDE | 10 MIN READ

Scope of Work Templates for Consultants: With Step by Step Guide

By MBO Partners

Find a step by step guide on creating a Scope of Work document that outlines the basic details of your project with a client, as well as highlights key terms, such as payments, revisions, and key deadlines.

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