Contracts and Finance

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…

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How to File Self-Employment Taxes: 5 Ways to Be Compliant

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…

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Business Insurance Requirements: Coverages, Exclusions, and Endorsements

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…

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Gross Income vs Net Income

The Difference Between Gross vs. Net Income

March 28, 2019

Understanding the difference between gross income and net income is important when it comes to evaluating your financial status on a personal level or how your business is doing if you are a business owner. It can also impact your understanding of how to account for paying taxes. Because gross income is used to calculate…

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4 Ways to Get Your Small Business Ready For Tax Season

March 13, 2019

Whether you go it alone, hire a tax preparation professional, or take advantage of MBO’s tax preparation and filing assistance, tax season doesn’t have to be a daunting day on your calendar. So long as you prepare ahead of time, take the proper steps, and compile the information you need, your annual tax filing will be…

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4 Tips for Tracking Consulting Expenses

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…

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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…

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How to Calculate Consulting Rates and Fees

December 30, 2018

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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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…

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How to Bill and Invoice Consulting Clients

October 12, 2018

10 simple steps to billing a client to ensure you get paid on time.

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