Finance

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.
My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.

5 Ways to Bootstrap Your Vision Into Reality Without Outside Funding