Sunday, October 25, 2009

Keeping my estimated income taxes in a account

Now that I finally have a little work income coming in again, I need to stash away enough cash to cover quarterly estimated income taxes, which will be due on January 15, 2010. I already have a online savings account, so I just created a new "goal" called "Estimated Taxes" in that same account and initiated a transfer from my Fidelity brokerage account. The Fidelity account is only earning 0.0000001% interest (is it even that much?), but SmartyPig is still earning 2.01% APY. That is about as good as you can get for a savings account, online or otherwise without going to a term CD, which would be inappropriate for cash I need in less than three months.

To date, I have been very happy with SmartyPig, especially that decent interest rate, but its convenience as well.

-- Jack Krupansky


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