It’s that time again … time to send your estimated taxes in to Uncle Sam.

So what are estimated taxes and why would you have to pay them? When you bring home a paycheck, your employer has withheld income taxes from your paycheck. But when you’re self-employed, a landlord, or even an investor, you are earning income that has never had taxes withheld. Rather than settling up all at once on April 15th, the government wants you to turn over 25% of your estimated tax liability at four points throughout the year. In fact, you will have to pay an “estimated tax penalty” if you fail to do so and owe Uncle Sam $1,000 or more when you do your taxes in April. So, start making those quarterly estimated tax payments and save yourself from all those nasty penalties!

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June 15th is almost here — time to send in your second quarterly estimated tax payment!

Do you need help remembering your quarterly tax due dates? Sign up for my quarterly newsletter. It comes out two weeks in advance of each quarterly tax due date and includes a short article about recent tax law changes. Sign up online.