I’m back for part 3 of talking about estimated taxes – you can (and should) read part 1 and part 2 first. Thanks, everyone, for sticking this out – I know the info can be a little dry by it’s definitely worth knowing! Let’s finish by talking about how to pay.
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What forms do I need?
You’ll enclose Form 1040-ES, which is an estimated tax voucher. You don’t need help filling this one out – all it is is your name, ssn, and amount you’re paying. Once you’ve done it your first year, they’ll automatically send them to you afterwards, …read more

Thanks for coming back for part 2 of our FAQ on paying estimated taxes if you’re a freelancer. You can read part 1 here, where we covered what estimated taxes are and whether or not you have to pay them. Let’s continue with some more information about estimated taxes.
Image via sxc.hu.
When do I pay estimated taxes?
You probably know that taxes for each year are due the following April 15. Estimated taxes are paid during the year, however. You’ll pay them quarterly by April 15, June 15, and September 15, of that year and January 15 of the following year …read more

Early this week, I posted some information about budgeting for your business taxes, and Jennifer Rowland left the following comment:
Could you do a follow-up article on quarterlies? A lot of new and accidental freelancers would appreciate some info about when you need to pay quarterlies, how you do it, when you need professional advice from a business banker or an accountant–that sort of thing.
I agree, Jennifer. When I first got into freelancing, I had no idea what I was doing. Lucky, the person I was dating at the time is a CPA! Since tax laws change ALL the time and …read more

As a freelancer, you don’t get paid in the same way as an employee. As you’ve likely noticed, clients don’t take taxes out of your check whenever they pay you, like happens when you’re on a payroll. That doesn’t mean that you don’t have to pay them, though. While many people get refunds this month when they get their taxes done, you’ll owe them if you earned money freelancing in 2007. New to freelancing for 2008? Let me sure with you a really great way to make sure you’re prepared to pay the tax man this time next year.
First, when …read more