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Old 03-01-2008, 09:45 AM
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Exclamation Sole Proprietorship LLC

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

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Old 03-04-2008, 11:02 AM
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Sole Prop LLC delinquent filing tax liabilities?

I don't understand why you would have a Tax Problem at all! You have probably sustained a loss in your business, where are the tax liabilities coming from?

Am I missing something here? The Federal and Illinios State tax you in your net income from the Business, and if this is a Loss, then how would there be a question of a tax liability?

There would be no penalties once you file the delinquent tax returns. It really would be in your best interest to have a CPA to assist you in the filing of your all your past tax returns.

Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.

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