We file both your 1040 Personal Tax Return and your 1120s Business Tax Return. If your business existed before your 2553 Box E date, it will be reported on your 1040. The tax team will reach out to collect all required documents from you during each tax season. You can follow the process below anytime to submit the data for the Schedule C portion of your 1040. When you are done, please email it to [email protected].
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]