Freelance Finance

The newly self-employed often don’t realize that they must pay their own taxes—in the form of “estimated” taxes—because they don’t have an employer who automatically deducts taxes from each paycheck for them. How to do it simply: Find an accountant who handles self-employed people, and have him or her figure out what percentage you need to save from each check for taxes. Stick to this advice, and pay your taxes on time. If you don’t pay on time, you’re liable for penalties, or worse, you will spend the money. Self-employed people pay estimated taxes quarterly. This year, estimated payments are due on the following dates: April 15, June 15, and September 15, 2008, and January 15, 2009. Depending on the state in which you live, you may be liable for state taxes as well, due on the same dates.