Welcome to the tax jungle, independent contractors! In this week’s tax tip we offer you a survival guide against the most dangerous of predators, the IRS. This article, provided by Forbes Advisor, instructs how to calculate the federal taxes you may be dealing with, including: self employment tax and income tax, and all the essentials you need to survive next tax season.

The people who want your taxes, the IRS, have ways to ensure you are able to pay and offer avenues for avoiding penalties depending on your circumstances. However, even if you manage to dodge the penalties, you should always pay your taxes as soon as possible, as the longer you wait the worse things can get.