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 —

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

JPMorgan: Why record debt will boost global stocks and bonds - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Until they start taking about a debt deflation bubble. 🙃🙃
Source: BusinessInsider - 🏆 729. / 51 Read more »

Why I think personal finance influencers need to talk about race - Business Insider'I can't save what I don't earn. As a Latina, I statistically make the lowest out of any minority woman, at 53 cents per every white man's dollar. So I can do all the work yet still have a 50% gap in lifetime earnings' smart_latina told MichLovesMoney smart_latina MichLovesMoney Are you comparing a hotel maid to an engineer? What sorcery is this? Compare the same occupations please. smart_latina MichLovesMoney Surely knows how ridiculous this argument is. If she works the same job as a white man she'll be paid the same. smart_latina MichLovesMoney
Source: BusinessInsider - 🏆 729. / 51 Read more »

Here's why Tesla isn't really more valuable than Toyota - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. We are boycotting TESLA! Everything Kanye West touches must be boycotted! Never What?
Source: BusinessInsider - 🏆 729. / 51 Read more »