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.
Opinions expressed by Entrepreneur contributors are their own.
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.
More from Entrepreneur
Are paying too much for business insurance? Do you have critical gaps in your coverage? Trust Entrepreneur to help you find out.