Yes, there is a way to alleviate the tax burden at the end of the year. On your W-2, your employer withholds money through out the year for both income taxes and social security. As an independent contractor, you are responsible for these taxes. Based on the amount that you make through out the year, it would be advisable to pay in estimated tax payments quarterly. This has two advantages to you. The first being that you do not have a large tax bill at the end of the year and the second is that you may avoid penalties for being underpaid on your taxes.
When computing your estimated taxes, there are various methods that can be employed. One method is basing the estimates on your income/taxes paid in the prior year using the current year rates and estimated withholdings on your earnings. Another is to figure your income you earn during the current year, annualizing the income and paying in the estimated taxes based on those calculations. This link will provide you with guidance in determining the amount you should pay quarterly. https://turbotax.intuit.com/tax-tips/small-business-taxes/estimated-taxes-how-to-determine-what-to-p...
