Contracts and Finance

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Do I Need an Independent Contractor Agreement for Consulting?

By MBO Partners

Independent contractor agreements are a written record of the agreement between consultant and client. Not only do they provide legal protection, but they also create a sense of professionalism, encourage communication, and ensure an efficient and streamlined process to complete the project. Contracts can be as long or as short as you need. Taking the…

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Section 199A Deduction: How it Impacts Small Businesses

By MBO Partners

In late 2017, President Trump signed into law the Tax Cuts and Jobs Act (TCJA), the biggest overhaul of the U.S. tax code in more than 30 years. Today, the IRS is working on implementing the TCJA. One of the major changes in the law is, as described below, a deduction for certain “qualified business…

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How to Estimate Your Tax Returns as an Independent Contractor

By MBO Partners

Estimating your tax returns as an independent contractor is an important part of financial business management. If your net-earnings from self-employment are more than $400, you likely need to file an annual return and pay estimated taxes quarterly. Filing your annual tax return is pretty straightforward. Use Schedule C—this is where you will report your…

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Top 5 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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How to Bid on Projects for Consulting and Win

By MBO Partners

If you run your own independent business, you likely know that writing proposals and bidding on projects is an integral part of your job. However, the formal Request for Proposal (RFP) process can be filled with tedious details that can feel overwhelming. Due to the complexity of this process, it’s important to understand how to best assess…

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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? Definition: 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…

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5 Strategies for Managing a Small Business

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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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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