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When you give Infinite Financial Services the honor of preparing your taxes, you’re choosing to work with dedicated tax professionals who’ll help get you every deduction you’re entitled to.
And with our comprehensive tax interview with no requirement to come to a physical location, our fast, friendly, and guaranteed accurate max-refund tax preparation services are right around the corner. And if you prefer to work with one of our experts in person, we look forward to having you as a guest in our office.
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Have a side job?
More people are working for themselves these days and an IFS tax professional can help you find every penny you deserve.
You may be entitled to deductions for:
- Maintenance or repairs for vehicles
- Car expenses including oil, registration, parking, insurance and more
- Travel expenses
- Business insurance
- Licensing
- Technology purchases
- Dues
- Continuing Education
- Home or office expenses
- Subscriptions
Tax Situation?
Call Us Today! We can provide Audit Assistance and provide consultation on the most complicated tax issues. Tax consulting, preparation, filing and amendments is our business and if it has to do with taxes, IFS has the resources and expertise to guide you through it.
The new tax reform laws represent some of the biggest changes in history. Whether you own a small company, freelance, or have a side gig, be prepared. Credits and deductions can help reduce your tax liability and help make your business more profitable. Talk to an IFS tax expert today to make sure you get the most out of your tax return.
The Qualified Business Income deduction (QBI) is available to all taxpayers with qualified business income whose taxable income is below the threshold amount of $157,500, or $315,000 for joint returns. Certain taxpayers are eligible for the full deduction over the threshold amounts and others are eligible for a limited, or no, deduction of QBI when over the threshold amount. QBI is defined as income from a trade or business in the US including gigs such as rideshare driving, consulting fees, internet or flea market sales, and reselling income to name a few.
Maintenance and repairs for vehicle upkeep and expenses, including oil, registration fees, insurance, parking fees and tolls, and depreciation if the taxpayer owns the car or truck. If leasing, track fees paid to a cab company for using its cars, or rental fees for a truck driver’s trailer. Make sure you keep a log of all your expenses, the miles you drive for business, and your total mileage for the year.
Advertising expenses include business cards, the cost of creating a website to resell items, plus any marketing fees you pay to the home company if you are working for a rideshare company, sell goods online, or have another source of income.
Insurance common to your business such as liability, bonding, vehicle, errors and omissions, lost revenue, etc.
If you purchased a new vehicle or other property used in your business, you are eligible for a much larger first-year depreciation deduction.
If you are paying a company to work, or sell, through their name or to use their app, you can deduct the cost.
Preparing For Your Tax Interview
We know that taxes can be challenging and stressful. Documentation requirements will vary based on your situation. When you meet with our tax experts we will review your documents, discuss what to expect from your refund and help you decide what services are best for you to proceed with.
Before your tax interview, organize important documents using our checklists below and research deductions and credits that may apply to you.
Personal Proof of Identification for:
- Name and DOB for each tax-claimed individual
- Social Security, ITIN or ATIN Card
- Last Year’s Tax Return (we can help you retrieve this)
- Valid Driver’s License or State ID Card
Income and Tax Information:
- W-2’s Interest (1099-INT or substitute)
- Dividend Slips (1099-DIV or substitute)
- Stock Sales (1099-B or Broker Statement)
- Self-Employment Income and Expenses
- Sale of a Personal Residence Rental Income and Expenses
- Sale of any Business Assets Gambling or Lottery Winnings (W-2G for some winnings)
- State Income Tax Refund (1099-G)
- Pension Income (1099-R)
- Estimated Taxes Paid Social Security or Railroad Retirement (SSA-1099 or RRB-1099)
- IRA or 401(k) Distribution (1099-R)
- Unemployment Compensation (1099-G)
- Miscellaneous Income (1099-MISC)
What's Next?
Regardless of if you may owe taxes or are expecting a refund, your IFS tax advisor will inform you of the outcome of your return, safeguard a copy of your tax along with your other important paperwork. This is important for subsequent tax filings in future years and in case circumstances change and you need to file an amendment. Should any problems arise, we stand behind you and guide you through any questions you have or audit circumstances that arise, assist in amendments to your return.
Infinite Financial Services is here for you – from the initial tax consultation through filing and long after you have completed your taxes with us. We work hard to be your go-to tax provider year after year.