This year’s tax filing deadline is April 15, 2025, after which you can still file a tax return, claim a refund or pay tax owed. However, please note that late filing may result in penalties and interest if you hadn’t filed an extension for your 2024 taxes and pay any taxes you may owe by April 15, 2025. The amount of the penalties and/or interest will be calculated and levied by the tax department after they accept your tax return. The calculation and the payment of penalties and interest are not included in Tax Panda’s tax return services.
According to the IRS website, these penalties or interest are accrued monthly and range from 0.5% to 5% of the unpaid tax amount per month. Taxpayer should pay off the amount as soon as possible after receiving the notice from the IRS and state tax department.
Each state may also impose similar penalties and interest. Please refer to your state tax department for details as each state has different requirements.
Definition of “spouse has income in the United States”: if your spouse has W-2, 1099-NEC self-employment income, 1099-B stock trading income.
Special circumstances for family tax return: spouses are in different states. If you and your spouse do not work/live in the same state, the tax situation is more complicated. Please consult customer service to make sure your plan before placing an order.
Overseas income, overseas financial assets, holding companies, etc. may require additional business services.
What income is considered as overseas personal income?
Wages, social security and retirement benefits, overseas property income, overseas investment income, etc. paid to you by units or companies outside the United States.
If you only have overseas bank interest income or dividends, we do not charge any additional fees.
What constitutes overseas financial assets?
Generally speaking, deposits or custodial accounts, stocks or securities, life insurance or annuities with cash value, partnership interests, mutual funds, trust institution accounts or assets, hedging or private equity funds, etc. of financial institutions outside the United States (such as banks, etc.) may be required to be declared as overseas financial assets.
What type of company do I need to declare together with personal tax reporting?
Only one owner/holder’s LLC company declares and follows the owner’s personal tax processing. If the company type is C-Corporate, there is no need to follow the individual declaration, but corresponding declarations need to be made for the company itself, which is not within the scope of this service. For LLC companies with more than one holder, please contact customer service for consultation.
