Like other docs on the forum, assuming the tax bill in progress passes into law for 2018, I will be naturally taking the standard deduction in 2018 and thereafter, until the law changes again. Between now and 12/31, we will have the opportunity to deduct 2018 expenses (and perhaps beyond).
As such, I am interested in paying as much 2018 state and property tax in 2017, up until I hit (or approach) the AMT threshold. I have inquired on this to my accountant, who offered to "run a projection" to guide me.
Is the "projection" considerably more involved than looking at last year's tax returns (I did), looking the difference between the AMT tax and my paid tax (I did), estimating 2017 tax liabilities (which have lots of current unknowns, including year end bonus, capital gain distributions that are starting to roll in, and K-1s which I won't see until March, 2018), and paying the difference ($45k) toward 2018 state taxes, which I can do online?
I am not the kind of guy that would take out my own appendix, but is there some magic or voodoo that requires the $CPA$ to run the projection? Or am I being penny wise and pound foolish for DIYing it?
As such, I am interested in paying as much 2018 state and property tax in 2017, up until I hit (or approach) the AMT threshold. I have inquired on this to my accountant, who offered to "run a projection" to guide me.
Is the "projection" considerably more involved than looking at last year's tax returns (I did), looking the difference between the AMT tax and my paid tax (I did), estimating 2017 tax liabilities (which have lots of current unknowns, including year end bonus, capital gain distributions that are starting to roll in, and K-1s which I won't see until March, 2018), and paying the difference ($45k) toward 2018 state taxes, which I can do online?
I am not the kind of guy that would take out my own appendix, but is there some magic or voodoo that requires the $CPA$ to run the projection? Or am I being penny wise and pound foolish for DIYing it?
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