Part time income for upcoming year will be untaxed- what to do?

It is good to be prepared when it comes to paying your income taxes.  

Since the IRS expects you to pay taxes throughout the year as you earn your income, you have a couple of options to consider to get some taxes paid on the self-employment income you expect to receive.  First, if you have a second job that will still be withholding taxes from your wages, you could simply increase the amount withheld from that job in order to help cover the taxes for the other job.  This same idea would be an option if you have a spouse with a W-2 job and you expect to file a joint tax return. 

If that is not an option, then you should consider making estimated payments.  If you have not already filed your 2019 return, then you can get these set up using TurboTax and your expected income for the year.  Take a look at the following TurboTax article for more information: Can TurboTax calculate next year's Federal estimated tax payments?

Your net self-employment income will be subject to self-employment tax and income tax.  A good rule of thumb would be to set aside approximately 16% for self-employment tax, plus an additional amount for the percent of tax you pay for your income tax bracket.