Contracts and Finance

Verbal Contracts: 4 Best Practices

By MBO Partners

Entering into a verbal contract with clients is a common practice among independent professionals. Without the red tape and bureaucracy that can slow down larger businesses, independents enjoy the advantages of being flexible and agile in transactions and deals. However, while verbal contracts often simplify business, if things go sour they can end up complicating your relationship…

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Negotiating Contracts as an Small Business Owner: 5 Steps

By MBO Partners

In any business agreement, it is highly recommended to use a well-written contract. Contracts provide clarity, establish a relationship, and offer protection to all parties involved. For these reasons, many independent professionals wisely insist on using written contracts for every client project. In some cases, you may use your own contract, but clients will generally…

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How to Write an Independent Contractor Agreement

By MBO Partners

Contracts are a must in any business relationship, but they’re particularly important for independent contractors to provide: legal protection establish roles and responsibilities outline services to be performed An independent contractor agreement should provide as much protection as possible, while also clearly establishing expectations of both parties. The exact language and sections included in your contract…

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4 Self Employed Tax Advantages

By Taxfyle

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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5 Ways to Be Compliant when Filing Self Employed Taxes

By MBO Partners

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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Small Business Insurance Coverages, Endorsements, and Exclusions

By Bunker

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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4 Expense Tracking Tips for Consultants

By Taxfyle

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 When You’re Self Employed

By MBO Partners

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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Consulting Rates: How to Determine My Bill Rate

By MBO Partners

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 Bill and Invoice Clients: 10 Steps to Get Paid on Time

By MBO Partners

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

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