Joining Collective mid year and have an S Corp election date that isn't January 1st? Don't worry, we have a way for you to submit your business' income and expenses prior to your S Corp election date to our tax team.

To help you with this process and providing Collective this information, we have created this spreadsheet here.

This workbook will include all Schedule C income & expenses for the intended year/timeframe. This timeframe will include business income received and expenses paid from the day before your S Corp start date (found in Box E on your 2553 - see below) back to January 1st of the current tax year.

For example: The Schedule C timeframe for the business above would be January 1, 2021 - September 17, 2021

Tabs within the worksheet to complete

Introduction - Please list your business name (if applicable), your name and the timeframe of the included information.

1. Expense & Income Categories - Categories used for completing tab 2 which relate directly to the information on the Schedule C tax form - For informational purposes only.

2. Download from Bank/Credit Card - Transaction downloaded from credit cards/deposit accounts transactions from the intended timeframe. Please select a option from the dropdown. These options relate directly to the categories listed on Tab 1.

3. Purchases > $2,500 - Purchases of $2,500 or more in the intended year. List the vendor, total amount, date of purchase and if the item was paid in full or a loan was taken out to pay for such item - if applicable

4. Home Office Expenses - Dedicated office space - based on Sq Feet - Rent/Mortgage, Utilities, Internet, Cell Phone - entered on a by month basis

5. Qu's about expenses & income or additional information requested our tax team needs to know about

Note: If you have questions regarding if this relates to your business, your timeframe or questions on how to complete the worksheet, please reach out to [email protected]



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