Industries

Asap Taxes has a deep understanding of the unique challenges and opportunities faced by sole proprietors, one of them being self-employment taxes. Asap Taxes helps Schedule C filers navigate the complexities of reporting income from multiple sources, managing business expenses, and understanding the nuances of estimated tax payments. With their reliable and efficient service, Asap Taxes ensures that sole proprietors like barbers, car detailers, cleaning services, graphic designers, social media managers, photographers, event planners, and musicians can focus on their creative work while leaving the complexities of taxes in capable hands.

Gig economy platforms such as Uber, Lyft, and DoorDash monitor the yearly earnings of independent contractors over the course of a calendar year. If your earnings surpass $20,000, these platforms may issue a 1099-K form, which solely reports the gross income. Failing to track your business expenses may result in overpayment of taxes.

Real estate is a lucrative industry primarily due to the tax benefits provided by the IRS. Here are a few examples of powerful tax rules you can utilize to lower your tax liability: $25,000 Exclusion, Real Estate Professional Status, and 1031 Exchange for Like-Kind assets. If you are a real estate agent, investor, or property manager you maybe eligible to use these tax hacks.