I recently started my company in Sept of 2006 sole proprieter LLC for an Ebay Store i'm starting up. But i ran into lot of supplier problems with poor products which cost me to lose money.

I didn't do any filing for that year including the it-2004-ll-i. However i did file the Form 1040 & Form 8809 before April 16 2007. But I forgotten to pay on Oct 17th because i was having some financial problems. However i been having a hard time getting my business started and had been working as other jobs to support myself which paid me via check as an employee. I'm now beginning to come around. I haven't been paying the quarterly income taxes either as i been working as an PT employee for the most part making somewhere around $1,000 per mth.


I would like to know if i can still file the IT-204-LL-I Form and pay the penalties to cut down my back taxes for the 2006 late payment fees etc? I never had any prior tax problems prior to the situation i'm informed to you above.

My question is how bad would be my penalties if i'm in the $20,000 per year income bracket?

Thank You