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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29950
Experience:  Taxes, Immigration, Labor Relations
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I make a low income of about 12k a year.....ive had

Customer Question

Hi ,
I make a low income of about 12k a year.....ive had so many expenses.....but i want to file past returns for the last 6 yrs do i do this .....Ive no understanding of how to go about correcting this and an afraid high cost or the penalities....a lot of anxiety on this...please help
Thank You
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.
There is no any way around - but you do need to prepare your tax returns and file all of themThen - you will know your exact tax liability - and after that you may apply fo rteh installment payment plan.That would be the course of actions.I will help you with specific steps if needed.
Customer: replied 1 year ago.
Hi Lev,I understand .Yes, please any guidance you can provide would be most appreciated ..... ill follow it step by step .Are the penalities on tax return for low income high ......any experience with this......Id like to do this at one time......or would you recommend spacing these filings out over the year
Customer: replied 1 year ago.
Hi Lev,Are you there
Expert:  Lev replied 1 year ago.
Penalties are based on the amount you owe...However - the maximum penalty is 25% of total tax paid after the due date.There will be additional interest charges - 3-5% annual.But we may not talk about penalties unless you prepare your tax returns and know exact amount of your liability.I would suggest that you file your 2015 tax return as you likely have all information - and try to complete on Monday - so it would not be late.
Expert:  Lev replied 1 year ago.
Then - gather all information - and prepare all past tax returns.Mainly you need to know TOTAL amount of tax you owe for all these years.Only after that you may plan further actions..I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all tax related issues.