Contracts and Finance

Section 199A Deduction: How it Impacts Small Businesses

September 4, 2018

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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9 Self-Employment Tax Deductions You May Overlooking

July 25, 2018

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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SOW (Scope of Work) for Consulting Services: What it is and why you need one

June 19, 2018

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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How to Save Money by Going Green

May 3, 2018

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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3 Things Independent Contractors Need to Know about Tax Reform

April 17, 2018

</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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Independent Contractor Taxes: 4 Best Practices to Follow

April 13, 2018

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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How to Write a Request for Proposal (RFP)

March 30, 2018

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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Starting a Small Business: Saving vs Spending

March 20, 2018

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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How to Write a Winning Consulting Proposal

March 12, 2018

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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How to Write a Consultant Contract: 6 Best Practices

March 6, 2018

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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