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Your rate needs to take into account 15.3% for Social Security & Medicare, health insurance, liability insurance, and some coverage for nonbillable time such as vacation.
Value based, because clients ideas go wild. I do AI - so don’t do an hourly rate. It’s project based and a very well written SOW. It’s an art plus the train on you and your time and any admin needs to be considered.
$300/hour. 25 years of Ops experience for Industrial manufacturing type firms. I am 20+ hours per week, they want me full time but I have something else going on. A PE firm agreed to $400/hr, but no project yet.
If S Corp, take a reasonable salary and 15.3% is on that. You get to write of expenses, more tax deductions, higher limit of Solo 401K, etc.
If one gets into a long term project at least initially until stabilized will be ahead.
Watch Mark Kohler, Karlton Dennis you tube videos to start with.
OP. No one tells you about the pain in the ass to close a corporation. With LLC no real reason to for anything where you are the only owner. The idea of not being able to pierce the corporate veil in case of a lawsuit is nil. And, unless things have changed, no real tax advantages unless you are employing others.
I hire independent consultants. The ones I hire typically charge $1000 to $3000 per day depending on their background / skillset and the project
Thank you!
Look out for companies wanting to pay you individually, instead of the LLC unless you have stout insurance which is hard to obtain
Ask your CPA about an LLC regarded as an S Corp since you already have that set up.
I would consider a structure like P1 uses, but bill by the hour - anywhere from $75 to $200 an hour depending on complexity. Ensure your SOW is tight.
Thank you!
Don't forget E&O insurance.
I am an IC and set up an LLC last year. I am simply doing the passthrough o my personal tax return and writing-off the expense. S-Corp is a tax election that comes with tax savings once you cross the revenue threshold but also have more admin expenses (could be a wash); and you can make it anytime. The challenging part is to find clients and gigs. I work primarily in FSI Transaformation/PM space in Northeast/NY area. I bill $1-1.5k/day The market is not great; and I am currently between gigs. Taking a break and hope to pick up another gig inthe new year. If anyone is looking for an IC in Q1 26, please drop me a DM. TIA.