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?