Self Employed Benefits

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Is SEP IRA a Good Retirement Option for Self Employed Professionals

By MBO Partners

As a self-employed professional, you enjoy the flexibility, control, and creativity an independent career offers. However, the challenge and uncertainty of planning for retirement is a common concern. At a traditional job, you have the benefit of built-in retirement options, but this field can be more difficult to navigate on your own. Fortunately, there are…

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Pros and Cons of a Defined Benefit Plan for Self Employed

By MBO Partners

Retirement planning is a top concern for self employed professionals and a defined benefit plan is one of the options to consider. The best option for you will depend on a number of factors including your personal goals and income level, which you can discuss with a financial advisor. What is a Defined Benefit Plan? Think…

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5 Health Insurance Options for Independent Consultants

By MBO Partners

As an independent professional, cutting ties with the constraints of a corporate workplace can also mean losing some of the perks—including health insurance benefits that many employers offer. However, this factor seems to be outweighed by the many benefits of going independent. Eighty-two percent of full-time independents say they are happier working on their own…

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SIMPLE IRA: Self Employed Contributions and Limits

By MBO Partners

Self-employed professionals enjoy the flexibility, control, and creativity an independent career offers, but the challenge and uncertainty of planning for retirement is a common concern. At a traditional job, you have the benefit of built-in retirement options, but this field can be more difficult to navigate on your own. Fortunately, there are a number of…

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Common Small Business Insurance Requirements, Coverages, and Exclusions

By MBO Partners

As a self employed professional, you’ve probably dealt with the headache of small business insurance, most likely to satisfy the terms of a contract. Although the word insurance is often accompanied by a sigh, there are benefits in your small business insurance policy outside of just checking a box in the contract terms. It is…

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4 Home Based Business Insurance Options

By MBO Partners

If you’re a self-employed professional working from the comfort of a home office, business insurance may be the last thing on your mind. But most homeowners’ insurance policies don’t cover losses sustained by a home-based business, which can lead to costly claims, unexpected legal expenses, and damages to your company. Self-employed professionals who work from…

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Group and Individual Health Insurance Options for Contractors

By MBO Partners

Whether you are contemplating making the leap to independence or are new to the independent workforce, you have likely grappled with how you will manage benefits without traditional employment. Health, life, and disability insurance are among the perks of a corporate career. Below we explain different health insurance options available to self employed professionals along with…

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What is the Paycheck Protection Program Flexibility Act and What Does it Mean for Independent Contractors and Small Business Owners?

By MBO Partners

Friday, the government signed into law the Paycheck Protection Program Flexibility Act to make it easier for small businesses and independent workers to gain relief under the Paycheck Protection Program, a key provision of the CARES Act for COVID-19 relief. What is the Paycheck Protection Program Flexibility Act? The Paycheck Protection Program Flexibility Act is…

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The CARES Act: What it Means for Self-Employed, Freelancers, Independent Workers

By MBO Partners

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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How Portable Benefits Impact the Gig Economy

How Portable Benefits Impact the Gig Economy

By MBO Partners

As the American independent workforce continues to grow, the discussions surrounding non-employee and self-employed benefits and protections continue to gain steam. A potential solution to this issue, portable benefits, has been receiving significant attention for the last few years. What are portable benefits? Portable benefits are a proposed system that would allow an independent contractor, or…

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