Question

Hello i haven't report my taxes for the past 5 years , i know that i will had to pay penalty

Forum|Forum|4 years ago
March 23, 2022
2 replies
0 views

, i close my small imports company in 2017 , i not report the taxes since them , my income is cash , i had no trace of deposit receive nothing because all my transaction are cash, but i want to paid my taxes my annual income for each years is around $40k to $45k ,

TurboTax Online

Spino

Employee

You need to pay taxes year by year. A good start is to file this year's tax return, then go back year by year from here. You may not even owe much tax!

Another thing to know is that you can ask for penalties to be waived in a letter with your return, but you should plan on paying the interest due for any late payments. Those are almost never waived.

H

HelenC12

Please clarify. Was your small imports company a partnership and file a form 1065, was it a Subchapter S and file an 1120S, a C Corporation and file an 1120 or did you file a Schedule C, Profit or Loss From Business?

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