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If you’re just getting ready to find your first consulting project or already well along on your journey, you have most likely grappled with this basic question.
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The modern independent consultant must be adaptable to their surroundings, particularly when client organizations change rapidly.
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Writing contracts is an important part of your business as an independent professional. A contract defines the work you agree to do for a client, and it also provides you with legal protection. Contract negotiation can be an intimidating part of starting a new project but setting up this legal framework will help protect you…
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Contracts are an important part of starting a new project. They provide legal protection, discuss 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 complicated task, requiring specific key terms, provisions, legal obligations, and ultimately, client agreement. As a…
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Gross income is the total amount you earn and net income is your actual business profit after expenses and allowable deductions are taken out. However, because gross income is used to calculate net income, these terms are easy to confuse. When you run your own business, understanding the difference between gross income and net income…
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Learn the critical components to creating a Scope of Work (SOW) document to properly plan and manage your projects.
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Independent contractor agreements are 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. Contracts can be as long or as short as you need. Taking the…
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In late 2017, President Trump signed into law the Tax Cuts and Jobs Act (TCJA), the biggest overhaul of the U.S. tax code in more than 30 years. Today, the IRS is working on implementing the TCJA. One of the major changes in the law is, as described below, a deduction for certain “qualified business…
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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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The ability to manage your business expenses is not just good for your company, 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…
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