Self-Employed? Here's One Important June Deadline You Don't Want to Miss

There are many benefits to being self-employed. Not only can you often set your own working hours and schedule, but you may, in some cases, be able to command a higher rate for the jobs you're doing.

The downside of being self-employed, though, is that you'll often have to grapple with a variable income. Not having a steady flow of money hit your checking account could make it harder to pay your essential bills.

And then there are taxes to think about. When you're a salaried worker, the paycheck you receive comes in on a post-tax basis. In other words, your employer withholds tax from your earnings so that by the time you receive your paycheck, you're done paying the IRS its share.

When you're self-employed, you don't have taxes taken out of your wages. Rather, it's on you to pay the IRS what you owe.

But you can't just write the IRS a big check at the end of the year and call it a day. Rather, the IRS wants you, as a self-employed person, to pay taxes as you earn money, just like your salaried counterparts do.

In fact, you're required to pay estimated taxes on a quarterly basis, and the next payment due date is coming up soon. Mark your calendar for June 15 so you don't miss it.

It's time to write the IRS another check

Self-employed individuals are required to pay the IRS four times a year -- mid-April, mid-June, mid-September, and mid-January of the following year. Your first quarter's estimated tax payment was due April 18, which was the tax-filing deadline this year. And your second quarter estimated taxes are due June 15. If you're late making that payment, you could face interest and penalties in some cases.

Get help calculating your payments

Estimated quarterly tax payments are just that -- estimates. It's hard to know exactly how much to pay the IRS when your income can fluctuate a lot from one month or quarter to the next.

That's why if you're self-employed, it's a good idea to enlist the help of an accountant or tax professional to help you determine how much estimated tax to pay the IRS. You don't want to overpay your taxes and leave yourself with inadequate funds to pay your bills. But underpaying your taxes could mean not only owing the IRS money, but also, facing penalties under some circumstances.

An accountant will take a look at different factors when determining what quarterly payments you should make. These will include your most recent tax return, your recent earnings, and anticipated earnings.

There are also online tools you can use to calculate your estimated taxes. But it may be worth it to use a professional's help for a more customized calculation.

What if you miss the deadline?

If you're late paying your estimated taxes this quarter, or any quarter, for that matter, your best bet is to pay them as soon as possible. Don't just wait until the next quarter's payment is due, as that could result in penalties you probably don't want to end up dealing with.