IC Taxes

[FightingDarwin]

Hello All,

New attending here, currently working as an IC and paying quarterly taxes.  Even with my S Corp and all the associated deductions I still wind up paying a substantial amount in taxes every 3 months. As I'm sitting here and looking at the 30k I have put away I'm wondering, is there a safe and short term investment that I can make with this money that I'm setting aside to pay my taxes? Or am I best served playing it safe and keeping that money in a savings account as I currently am?

[Zaphod]

If you're going to pay them quarterly and just starting out then no there isnt. I only pay annually, too annoying otherwise.

[jfoxcpacfp]

FightingDarwin wrote:

Hello All,

New attending here, currently working as an IC and paying quarterly taxes.  Even with my S Corp and all the associated deductions I still wind up paying a substantial amount in taxes every 3 months. As I’m sitting here and looking at the 30k I have put away I’m wondering, is there a safe and short term investment that I can make with this money that I’m setting aside to pay my taxes? Or am I best served playing it safe and keeping that money in a savings account as I currently am?

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Your priority for your money in the short term is not to generate income, but to make sure it is there when you need it. Keep it liquid and safe and don't confuse short-term needs with long-term growth potential.