Second quarter estimated tax payments due Monday
By Katharine Swan On Wednesday, June 11, 2008 At
10:22 AM
This is just a friendly reminder for my fellow freelancers that your second quarter estimated tax payments for 2008 are due on Monday.
Remember, if you are freelancing enough that you will owe more than $1,000 in federal taxes at the end of the year, you need to make estimated tax payments in order to avoid having to pay penalties at tax time. Or, if you have a regular job and just freelance on the side, you can have a little extra withheld from each paycheck to help cover the additional taxes.
Whatever you decide to do, you had better decide it soon, because the next estimated tax payment is due on the 16th — and there are penalties for late payments!
Remember, if you are freelancing enough that you will owe more than $1,000 in federal taxes at the end of the year, you need to make estimated tax payments in order to avoid having to pay penalties at tax time. Or, if you have a regular job and just freelance on the side, you can have a little extra withheld from each paycheck to help cover the additional taxes.
Whatever you decide to do, you had better decide it soon, because the next estimated tax payment is due on the 16th — and there are penalties for late payments!
Labels: tax info for freelancers
Yeah, and since I just funded half of my IRA for 2008 (while stock prices are low), there goes may bank account. ;o(
You're so responsible, Kathy!