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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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Learn the critical components to creating a Scope of Work (SOW) document to properly plan and manage your projects.
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Are you at are at a point in your career where you have years of experience, produce high-quality work that is backed by client recommendations, and provide services that are in demand? If so, it may be time to consider raising your rates. Clients are looking for a trustworthy, knowledgeable, and reliable independent professional who can…
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In response to COVID-19 (coronavirus), the 2019 income tax filing and payment deadlines for all taxpayers who typically pay their Federal income taxes on April 15, 2020 have been extended until July 15 of this year. This tax filing and payment relief also extends to estimated tax payments for 2020 that would typically be due…
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The information provided in the MBO Blog does not constitute legal, tax or financial advice. It does not take into account your particular circumstances, objectives, legal and financial situation or needs. Before acting on any information in the MBO Blog you should consider the appropriateness of the information for your situation in consultation with a…
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Beyond the daily hustle and bustle of grocery store trips and errand runs, many independent consultants depend on their car as a means to get from project to project, or client to client. When the family van becomes the corporate car, it’s time to take advantage of deductions for business-related mileage. Here’s what you need…
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Being tasked with writing and delivering a Scope of Work (SOW) can at first seem like a daunting task. However, once you understand what goes into the various parts of the document, it becomes much more manageable and can be a useful tool to help you get organized before a project begins. A project Scope…
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Independent professionals have additional tax responsibilities above and beyond those of conventional employees. With extra forms and numerous potential deductions, it can be easy to overlook small details or miscalculate. While there’s no way to completely protect yourself from the dreaded tax audit, you can reduce your odds of being singled out by eliminating poor…
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Working as an independent consultant and being your own boss offer a number of benefits including setting your own hours, determining your specialties, and choosing your clients. However, independent consulting is not without its challenges. In MBO’s State of Independence report, we surveyed independent consultants to learn about their experiences, goals, and difficulties. Here, we…
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What is a Scope of Work? Before starting a new project, independent professionals are often asked to prepare a Scope of Work (SOW) document that outlines the terms of their project and details items like payment terms, roles and responsibilities, and a timeline for work. This is a straightforward document, but if you’re compiling one for…