Are you bringing in some extra cash with some type of income-producing side venture? If so, you may rightly wonder how this new influx of income will affect your income taxes. To help you keep as much as possible of your side earnings, here's how each of these four income sources could affect your taxes.  1. Getting a Second Job A second job — being paid as an employee of another company — is treated just like a first job when it comes to taxes and income earnings.

Do you have investment income? If so, you must plan and take proactive steps in order to prevent your income tax bill from rising. If you're not sure how to accomplish this, here are three tips that investors of all shapes and sizes can put into practice. 1. Fund Retirement Accounts First Most retirement savings methods are what is known as 'tax deferred'. Money you contribute to such accounts is not counted as taxable income in the year in which you contribute it, but rather when you withdraw it during retirement.