Many moms with a fear of paperwork and billing are reluctant to try independent contracting and freelancing.

But now there’s a way to enjoy the fruits of freelancing without the pain of doing your own taxes, invoicing, etc.

Here’s what I’ve discovered … read on slacker moms.

There’s a lot of freelance and contract work out there these days – and depending on your skill-set, it may be a great way to bridge the gap between your previous full-time job and your next great opportunity.

Or it may become your next great opportunity!  By “freelance” and “contract” work, I mean working on a project-basis as a web developer, consultant (many varieties here – social media, business, SEO/SEM, etc…),  writer, journalist, blogger, anything in tv/film/commercial/music production, graphic designer, etc. It really includes anything that involves working as an independent contractor rather than an employee.

But freelancing does come with its share of headaches.

• You are 1099′d rather than W-2′d. English translation: your contract employer doesn’t take out taxes for you and you are expected to pay them quarterly
• You do not receive health or other benefits;  and
• You can’t participate in a 401(k) plan.

Basically, you are entirely on your own.

In my countless hours of twittering and surfing the web, I came across a company that can make freelancing a breeze. They’ll take all the headache away and leave you to do what you do best: your freelance work.

MBO Partners provides independent contractors with the back-office support, tax advantages, and benefits of a W-2 employer (access to an Anthem Blue Cross/Blue Shield group health plan; Aetna dental, life and disability plans; and an accelerated, tax-advantaged 401(k) plan with Fidelity) without limiting your career independence and the legal hassle of incorporating.

Once you find an assignment, MBO will set up your contract and engage you as a W-2 employee. Then, as you work, MBO will bill your client(s), collect your billings (eliminating a HUGE hassle for you), withhold taxes, give access to excellent group benefits, and reimburse your business expenses. They even cover you under their General and Professional Liability insurance at no cost to you. Click for a summary of the benefits MBO offers.

Of course there’s a Services Fee for MBO’s offerings – at first, they charge 5% of your gross billings. Once they collect more than $125,000 of your billings in any year, your Services Fee goes down to 1.5% for the remainder of that year (based on your anniversary date with MBO). MBO deducts these funds from your online account before calculating your taxes—so the Services Fee is actually a tax deduction.

MBO’s service could make sense for some of you freelancers out there, especially if you’re new to the game and aren’t sure you want to spend the money to incorporate. Or if you need access to all those great benefits …

Editor’s note: This is the ninth installment of “Diary of an Unemployed Finance Mom 2.0.” This story is real, nothing is fabricated. For the sake of her privacy, and her hopes of landing a new job, she’s going under the pseudonym, job mom 2.0. You can read the other posts by clicking on the related posts button below.

Follow her trials and tribulations on Twitter @jobmom

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