Second quarter estimated tax payments due Monday

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!