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Tax Planning & Filing Packages
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1099 & Self-Employed Tax Packages

Infinite Filings offers tailored tax filing solutions to independent contractors & self-employed workers.

These packages include: 

  • All employment tax form filings needed for independent contractors and employed entrepreneurs.
  • Industry-specific tax deductions, credits and strategies to ensure you get the most out of their tax returns.

Tax Forms Included:

Form 1099-NEC
If you earn more than $600 from a client you'll be required report your 1099 Non-Employee Compensation form as part of your gross income. **If you paid more than $600 to a contractor of any sort, this is required as well.**
Form 1099-NEC Deductions
If you paid more than $600 to a contractor of any sort, you're entitled to claim a deduction.
Form 1040 (US Individual Income Tax Return)
The 1040 Form is used to file annual income tax returns. All income earned, including wages, interest, dividends, and income from freelance or contract work, is reported on this form.
Schedule C (Profit or Loss from Business)
Attached to Form 1040 and used by self-employed individuals and 1099 contractors, the Schedule C reports business profits and losses.
Schedule SE (Self-Employment Tax)
The Self-Employment form calculates self-employment tax, which includes both Social Security and Medicare taxes that self-employed individuals must pay.

Industry Tax Deductions, Credits & Strategies

Infinite Filing’s experience with small working class businesses and entrepreneurs has allowed us to help clients across a wide-range of industries. 

Below are a few examples of industries served along with deductions and credits we make sure our client’s are able to take advantage of.

Self-Employed & Entrepreneurs

  • Eligibility: Deduct a portion of your rent, mortgage, utilities, and property taxes if you use part of your home exclusively for business purposes. This can be calculated based on actual expenses or using the simplified deduction of $5 per square foot, up to a maximum of 300 square feet.
  • Benefit: Helps reduce taxable income by covering a portion of household expenses used for business
  • Eligibility: This allows self-employed individuals to deduct up to 20% of their qualified business income, potentially reducing taxable income.
  • Benefit: Especially useful for small business owners operating pass-through entities like sole proprietorships, partnerships, or S corporations. There are income limits for high earners​
  • Eligibility: Self-employed individuals are responsible for paying both the employer and employee portion of Social Security and Medicare taxes. They can deduct half of the self-employment tax when calculating adjusted gross income (AGI).
  • Benefit: This deduction reduces the overall taxable income
  • Eligibility: Self-employed individuals can deduct premiums paid for health insurance for themselves, their spouse, and dependents if they are not eligible for an employer-sponsored plan.
  • Benefit: This deduction helps lower taxable income by accounting for essential health-related expenses
  • Eligibility: Entrepreneurs can deduct the full cost of qualified business equipment, such as office furniture, computers, and machinery, in the year the equipment is placed in service, rather than depreciating it over time.
  • Benefit: For 2023, up to $1.16 million of equipment can be deducted, with a phase-out threshold of $2.89 million
  • Eligibility: If you hire employees from targeted groups, such as veterans, long-term unemployed, or recipients of certain government assistance programs, you may be eligible for this credit, which provides up to $9,600 per employee.
  • Benefit: Directly reduces tax owed, encouraging hiring from these groups

Service Industries

  • Self-Employment Health Insurance Credit: Self-employed hair stylists and barbers can deduct health insurance premiums for themselves, spouses, and dependents from their taxable income.
  • Qualified Business Income (QBI) Deduction: Up to 20% of net income from self-employment can be deducted for eligible businesses, providing significant tax savings.
  • Work Opportunity Tax Credit (WOTC): If hiring assistants from targeted groups, salons may qualify for the WOTC
  • Earned Income Tax Credit (EITC): Low-to-moderate income individuals may qualify for the EITC, which is based on total earnings, including tips.
  • Tip Tax Credit: Employers can claim a tax credit for the employer portion of Social Security and Medicare taxes paid on employee tips.
  • Self-Employment Tax Deductions: If bartenders or servers operate as independent contractors (e.g., freelance bartenders), they can deduct half of their self-employment taxes.
  • QBI Deduction: Independent nail technicians can deduct up to 20% of their qualified business income, reducing their taxable income significantly.
  • Self-Employment Health Insurance Credit: Nail technicians can deduct their health insurance premiums.
  • Startup Cost Deduction: If opening a new nail salon, startup costs like equipment and supplies can be deducted up to a certain limit.
  • QBI Deduction: Independent nail technicians can deduct up to 20% of their qualified business income, reducing their taxable income significantly.
  • Self-Employment Health Insurance Credit: Nail technicians can deduct their health insurance premiums.
  • Startup Cost Deduction: If opening a new nail salon, startup costs like equipment and supplies can be deducted up to a certain limit.

Skilled Trade Contractor Industries

  • Fuel Tax Credits: Truck drivers may be eligible for the federal fuel tax credit if they purchase diesel fuel for off-highway use, such as running auxiliary equipment.
  • Section 179 Deduction: This deduction allows for the immediate expense of purchasing certain types of business equipment, such as trucks or trailers, instead of depreciating them over time.
  • Per Diem Allowances: Truck drivers can utilize a per diem allowance for meals and incidental expenses while traveling. This is not a direct credit, but it helps lower taxable income by providing a simplified way to deduct travel expenses.
  • Energy Efficient Home Improvement Credit: Plumbers who work on the installation of energy-efficient appliances like water heaters, or improvements such as water conservation systems, can claim this credit.
  • Work Opportunity Tax Credit (WOTC): If a plumber hires an apprentice from certain target groups (e.g., veterans or long-term unemployed individuals), they may be eligible for this credit.
  • Section 179 Deduction: Tools, equipment, and vehicles used in the plumbing business can qualify for the Section 179 deduction.
  • Residential Energy Credits: HVAC contractors who install qualified energy-efficient heating and cooling systems may be eligible for credits through the homeowner, which could increase business and deductions.
  • Renewable Energy Credits: Installing and servicing renewable energy sources, such as solar-powered HVAC systems, may qualify the business for federal or state-level renewable energy tax credits.
  • Work Opportunity Tax Credit (WOTC): HVAC contractors can benefit from hiring individuals from targeted groups, similar to the plumbing industry.
  • Energy Efficient Roofing Credit: Installing energy-efficient roof products can make homeowners eligible for tax credits, indirectly benefiting roofing contractors.
  • Section 179 Deduction: Roofing contractors can deduct the cost of trucks, ladders, and other equipment used in their business under this deduction.
  • Work Opportunity Tax Credit (WOTC): Hiring apprentices or workers from underrepresented groups also makes roofing companies eligible for this credit.

 

Reserve Your 2025 Tax Package Today

Ready to get started? Schedule your FREE tax consultation with our tax filing specialists and secure a spot for the 2025 tax season.

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