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How can Consulting Fees be set?

Updated: 9/27/2023
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10y ago

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Consultants are extremely wary about giving their rate information to people, because they don't want to be undercut by new consultants with lower prices. However, there are other ways to do some research. If you are brand new, you can start high and send out proposals until you find a "sweet spot" where your services are billed at the right level. You may find that this level is higher than you expected.

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Q: How can Consulting Fees be set?
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The Fees Earned account is most commonly used in the services industry, where it contains billings for such services as tax consulting, auditing fees, and general consulting.


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That depends on what industry your business is in, who do you focus on (individuals vs. companies, small business vs. large scale business), how do you structure the consulting meetings, what is your budgeting goal, and if you want to compete on the basis of low price or differentiation of service.


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Setting up a consultancy business is not easy. You will need to obtain a consulting license, manage a network, and purchase a venue to set your firm in.


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When setting up your merchant account, you need to be aware of all set-up and ongoing fees before proceeding. Ask your provider about each and every fee, whether it is an ongoing fee, and what it will end up costing you. Many times, a merchant account that seems cheap to set up can end up being very expensive once all of the fees are added to your account. Also, be very careful of hidden fees that your provider did not disclose to you before you began the set-up process. The most common set-up fees include the application fee, set-up fee, hardware, software, and rolling reserve/security deposit. The most common ongoing fees include discount rates, per transaction fees, daily batch fees, authorization charges, monthly statement fees, monthly minimum fees, monthly gateway fees, chargeback fees, fraud protection fees, and annual renewal. There are also a variety of hidden charges that are often not spelled out for you, so be sure to read every word of your contract before signing up. Set-up fees The application fee is charged by most merchant account providers to cover processing costs, and runs $50 to $150. The set-up fee is usually charged for hardware and software installation, and depending on your provider, can cost nothing up to $300. The hardware includes the terminals you will need to run credit cards, and will cost you about $500 to $1,500 to purchase or $15 to $50 a month to lease. The software allows you to send credit card transactions through your account provider, and usually runs $400 to $800. A security deposit is common for start-up or high-risk businesses, and usually totals one month


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They are a cost to the estate and typically are a deduction from taxes or the total amount. Yes, they will reduce the estate tax. Consulting a CPA or tax attorney would be a good idea!

Related questions

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No. It's not necessary.


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Does an executor get paid for their time?

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