I am currently working as a consultant, and thus "own my own business" for tax reasons. The good news is I can open and maintain a healthy i401k which is maxed on both ends. My question though is what do i do with the money that I have to set aside to gift to Uncle Sam? Due to my low taxes last year, I was able to exceed lasts year's taxes with my Q1 payment, thus no need to continue with quarterlies this year. I have the rest (about 20k) sitting around, is there something I can do with the excess until April? I'm afraid to throw it into an investment account due to short-term capital gains, am i missing something?
Thanks in advance!