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Subject Author Date
Should I have paid estimated taxes in 2007? Taxlover 03-25-2008
Posted by Taxlover on March 25, 2008, 2:17 pm
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 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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Posted by Bill Brown on March 25, 2008, 6:50 pm
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> 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.

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

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