Contracts and Finance

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Tax Reform and Independent Contractors

By MBO Partners

</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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Write an RFP that Wins Clients: 10 Steps

By MBO Partners

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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How to Write a Consulting Contract: 6 Best Practices

By MBO Partners

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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Top 5 Tax Write Offs for Self Employed Professionals

By MBO Partners

Properly managing business expenses is not just good business, it’s also a good income strategy as an independent professional. As a business of one, you will incur fixed costs that cannot be billed back to clients. You’ll also need to handle expenses such as health care, retirement funds, and other benefits typically provided by an…

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Bill Rate vs Pay Rate: What’s the Difference?

By MBO Partners

Bill rate and pay rate are easy terms to confuse—they both factor into the decision of how much you should charge for your services as an independent contractor. When negotiating with a client at the start of a project, make sure you are clear on your rates, and if you are discussing dollars in terms of…

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Top 5 Contract Mistakes to Avoid

By MBO Partners

Contracts are an important part of starting a new project. They provide legal protection, detail services to be performed, and include payment terms and conditions. If you’re new to the process, you may find that drafting a contract is a fairly complicated task, requiring specific key terms, provisions, legal obligations, and ultimately, client agreement. As a…

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Do I Need an Independent Contractor Agreement for Consulting?

By MBO Partners

In reality, however, independent contractor agreements are simply a written record of the agreement between consultant and client. Not only do they provide legal protection, but they also create a sense of professionalism, encourage communication, and ensure an efficient and streamlined process to complete the project. Here are four reasons to use a contract for…

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Financial Advisors Independent Contractors Need

By MBO Partners

Being self-employed means you need to be a lot of things: CEO, new business developer, project manager, collection agent, and more. When independents can balance it all, they can have it all: good clients, a solid rate, a strong and steady pipeline of projects. This is what makes these independents rock stars. However, due to lack…

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