As an independent consultant, you are responsible for managing your back office – and that includes expense reimbursement and tax deductions. Not only are these tasks difficult to manage, but you can put yourself at risk if you don’t fully understand the rules of non-billable expense compliance governed by the IRS.
With MBO Access and our team of experts, expense submission, tracking and processing are completed efficiently, accurately, and compliantly. These services are available to you for as long as you work through MBO, and they are provided free of charge.
Simply select the expense category, enter the amount, upload your receipt and submit it for compliance approval by our team of experts.
Once the billable expense is reviewed and approved, it is submitted to your client for payment. Your Business Manager will provide guidance on which non-billable expenses are deductible for your corporation.
Thanks to our convenient mobile app, there's no need to wait until you can access a computer to enter project time or business expenses. You can quickly and easily take a picture of a receipt with your phone and submit expenses, make updates, and view the status of your expense approval.
MBO Mobile syncs immediately with your business center to provide a seamless experience.
For non-billable expenses, our compliance team reviews the expense to make sure it complies with IRS tax codes and is allowable for deduction, adding to your peace of mind. In addition, you’ll save time and hassle; by submitting expenses as they are made, you no longer have to prepare a Schedule C filing at the end of the year – your expenses are automatically reflected in your taxable income with each payment you receive.
Business Services Associates can deduct up to $3,000 annually in qualified non-client-billable business expenses. Your Business Manager can help guide you through the process of which expenses qualify.
Please note that expense deductions are reviewed on a case-by-case basis. The guidance provided on this page does not constitute legal or financial advice.