Contracts and Finance
In late 2017, the President signed into law the Tax Cuts and Jobs Act, the biggest overhaul of the U.S. tax code in more than 30 years. One of the major changes in the law is, as described below, a deduction for certain “qualified business income.” In early August, the IRS issued proposed regulations, providing some…
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Properly managing business expenses is not just good business, it’s also a good income strategy for an independent contractor. 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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What is an SOW (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. It 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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It’s an unfortunate truth that many environmentally friendly products and services cost more than their less-green counterparts. But going green doesn’t always mean you have to spend more. In fact, independent contractors can actually save a surprising amount of money by adopting a green attitude towards daily business tasks. We’ve compiled a list of five quick…
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</ifram The U.S. Tax Cuts and Jobs Act, passed at the end of 2017, is the biggest overhaul of the U.S. tax code in more than 20 years. If you’re currently working as an independent professional, here are three things you should know about the new law. 1. Section 199A Section 199A is a new…
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Taxes can be a tricky road to navigate for self-employed professionals. Employers are required to withhold federal income tax as well as Social Security and Medicare taxes from employee’s payroll checks, but as an independent professional you’re on the hook to do this yourself. IRS Schedule C (Form 1040), Profit or Loss From Business, is…
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As an independent professional, prospective clients will often ask you for a proposal or a Request for Proposal (RFP)—a more formal document where you propose a solution to the client’s problem or business need. RFPs will also include information about your business such as details about your services, methodology, and estimated costs. Proposals are a great…
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With the choice to work independently, you must accept the challenge that your success is tied to your business decisions. What you choose to do with your money is an important part of that challenge. Which purchases are smart investments? Which are simply a waste of money? Here are three areas where you can cut…
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What is a proposal? A proposal is the act of offering or suggesting something for acceptance, adopting or performance. A Chinese philosopher wisely once said, “A journey of a thousand miles begins with a single step.” For independent professionals, that step is often writing a proposal. Mastering the details of how and when to deliver…
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As an independent professional, contracts are an important part of your business. Not only are they important to define your work agreement, but they also provide protection to clients and help them avoid misclassification. Contract negotiation can be a difficult obstacle to beginning a new project, but establishing a legal framework will help protect you in…
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