This year I earned about 75,000 selling used trucks for a local used truck dealer. That said, I've NOT paid any taxes in as I'm considered a "sub contractor" and my employer dosen't with hold taxes from my pay checks.

My wife works and has earned about 25k and she IS w4 but because she earns so little there really isn't anything witheld from her pay either.

Question: Is there anything I can do this late in the year to protect myself from a hugh tax burden? Since I'm a 1099er and can't take milage expences as say a traveling sales-man could, what other deductions, expences or investments can I consider when I prepare my taxes?

B.T.W., I'm aware of the "tax free" investments like IRA's, bonds etc. So please just advise of tax reducing vehicles in my area of concern.

Thank you