Click to Print

I do I file taxes on my independent contracting work without getting slammed every year?

I'm an independent contractor and I have another 9-5 job. My 9-5 takes taxes out but not my independent work. I make about $7,500 a year in untaxed income. How do I file taxes without getting slammed every year?

I'm married and we usually file a joint return and get a refund of approximately $5,000-7,000. I would like to continue to receive that refund and not owe anything.
Pam Newman answered March 6, 2008
URL: http://www.entrepreneur.com/answer/221328
You can make estimated tax payments on your extra income or increase the withholdings from your 9-5 paycheck to help offset it. Also, any business related expenses will reduce your tax liability against that extra income.
Pam Newman is a Certified Management Accountant, author and Certified QuickBooks ProAdvisor for Financial and Point-of-Sale software. She is also president of RPPC, Inc., which provides customized business development services.