Should I have paid estimated taxes in 2007?


T

Taxlover

I had an very large capital gain in 2007, but paid no estimated taxes
because I had very little income in 2006.

So, I now have to pay a big slug of NY income tax.
I will have almost no income in 2008, so I will get no tax deduction for the
NYIT.

Should I have paid NY estimated taxes in 2007 to get the the deduction moved
to 2007 rather than 2008?
Should my accountant have picked this up?
 
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B

Bill Brown

Should I have paid NY estimated taxes in 2007 to get the the deduction moved
to 2007 rather than 2008?
Yes.

Should my accountant have picked this up?
That depends on how much your accountant actually knows about your
personal business beyond what he needs to prepare your tax return each
Spring.
 

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