Taxes and Expenses

consultant managing expenses

Top 6 Tax Write Offs for Self Employed Professionals

By MBO Partners

The ability to manage your business expenses is a good income strategy. As a company 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 employer. Each of these fixed or variable…

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consultant-accountant

8 Ways To Cut Expenses When You’re Self Employed

By MBO Partners

Checking your spending and reassessing your expenses should be a regular activity in your business.  Dealing with smaller profit margins than large companies makes minimizing expenses a critical success factor for you. Here are eight practices to incorporate into your business that can help keep your costs down. 1. Pay Invoices Early Many suppliers offer…

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invoice

5 Ways to Be Compliant when Filing Self Employed Taxes

By MBO Partners

Doing business as an independent professional requires a different approach from working as a full-time employee, and the same is true when it comes to taxes. Since many independents receive 1099 forms from clients at the end of the year, tax time isn’t as straightforward as simply plugging a few numbers into an online tax…

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Year-End Tax Planning Strategies for Independent Contractors

By MBO Partners

As the year draws to a close, it’s common to take some time to look back on the performance of your business. Reviewing your back office—records, taxes, expense tracking, billing, etc.—is another helpful practice to prepare for the new year. Organizing paperwork and making sure records are accessible will help ease the burden of searching…

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consultants

Tax Planning Tips for Independent Contractors

By MBO Partners

Tax planning and prep is an important part of your job as an independent contractor. Paying quarterly estimate taxes throughout the year is a good practice that helps eliminate a big tax burden and possible fine at the end of the year. Quarterly payments are due on April 15, June 15, September 15, and January…

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consultant

How to Prepare for Tax Season as an Independent Contractor

By MBO Partners

Tax season as an independent contractor comes and goes throughout the year as you file quarterly, but April 15 tends to be the biggest date of the year as it is the deadline for personal income tax. There are many steps you can take in preparation for this deadline to help make sure filing goes…

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consultant

How to Avoid a Tax Audit: Tips for Small Business Owners

By MBO Partners

Independent professionals have additional tax responsibilities above and beyond those of conventional employees and are also at risk of a tax audit. 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…

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3 Tax Implications of Becoming an Independent Contractor

By MBO Partners

If you’re ready to take the leap and start your career as an independent professional, there are a few key steps to take to build a successful business. Understanding the tax implications of becoming an independent contractor is an important part of your financial preparation. While your employer was required to withhold federal income, Social…

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contractor

Filing Independent Contractor Taxes: 4 Best Practices

By MBO Partners

Filing taxes as an independent contractor can be a tricky road to navigate. When you work as an employee, your employer is required to withhold federal income tax as well as Social Security and Medicare taxes from your payroll check, but as an independent, you’re on the hook to do this yourself. When you work…

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consultant

4 Self Employed Tax Advantages

By Ralph Carnicer

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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