Should I have paid estimated taxes in 2007?

Mar 25, 2008 1 Replies

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Taxlover 18 years ago

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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Bill Brown 18 years ago

Yes.

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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