Contracts and Finance

business

How to Estimate Your Tax Returns as an Independent Contractor

By MBO Partners

Estimating your tax returns as an independent contractor is an important part of financial business management. If your net-earnings from self-employment are more than $400, you likely need to file an annual return and pay estimated taxes quarterly. Filing your annual tax return is pretty straightforward. Use Schedule C—this is where you will report your…

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4 Expense Tracking Tips for Consultants

By Ralph Carnicer

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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net vs gross pay

Gross Margin vs Net Margin: Definitions and How to Calculate

By MBO Partners

Gross margin and net margin are two common profit margin ratios you should track on your company’s income statement. These numbers indicate how good your business is at converting revenue into profit and are important in assessing the financial health of your business. What is Gross Margin? Calculating gross margin will help give you an…

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9 Self-Employed Tax Deductions You May Overlooking

By MBO Partners

As an independent professional, properly managing your expenses is not just good business, it’s also a good income strategy. 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 healthcare and retirement. Each of these fixed or variable costs can…

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8 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 8…

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Womply

Womply PPP Loan Access: Sole Proprietors and Microbusinesses

By MBO Partners

We had a chance to sit down with Toby Scammel, the founder of Womply, a platform for small businesses. He shares the story of how their company saw the small business impact of Covid even before the government, and how they have tried to help. What is Womply? Womply is a small business focused technology…

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How to Claim a Mileage Tax Deduction in 2020

By MBO Partners

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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Tax Reform and Independent Contractors

By MBO Partners

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 portion…

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

By MBO Partners

Bill rate and pay rate are easily confused, but they both factor into the decision of how much you should charge for your services as an independent contractor, consultant, freelancer, etc. When negotiating with a client at the start of a consulting project, make sure you are clear on your rates, and if you are…

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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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