Why I'm waiting to pay my tax bill until the July 15 deadline - Business Insider

Surely not even a global pandemic would stop the IRS from cashing the check I needed to send them to pay the taxes I owed for 2019, I thought.change, from April to July 15.back in the spring, my spouse and I — who are "married, filing jointly" — decided to take advantage of the extension and wait. Our decision to delay filing and paying not just our 2019 taxes but also our estimated quarterly taxes for Q1 of 2020 was not about wanting to spite the IRS.

That way, when it's time to pay, the cash is available and we can pay our tax bills. And in the meantime? That cash gets to help us earn a little extra money.for all of our cash savings. The longer our cash is in the bank — and the more of it that adds up — the more interest we can earn on what we have in our accounts.And if I have a choice between earning a few extra bucks and shipping that money off to the IRS early, well, I'm going to choose to earn a little more.

We knew we could use the time between the original April tax deadline and the new, extended deadline of July 15 to re-save the amount we owed to pay our tax bill in full.would have remained the top priority. But with the wiggle room afforded by the change in due date, we had the opportunity to re-evaluate where our next dollar truly needed to go.

Initially, I dismissed the idea of waiting until the new deadline; I don't like feeling as if I owe money anywhere, so my gut reaction was to pay our taxes immediately and check that to-do off the list. But by waiting, we were able to keep more cash in our savings account for a longer period of time, which allowed us to earn more in interest —

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