Collective prepares and files your Business Tax Return (Form 1120S) and you can also purchase Individual Tax Return service from our integrated partner, Tax Fyle. Here’s what to expect during tax season, including tax deadlines and an overview of the tax filing process.
Tax Organizer Timelines
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Mid-November |
End-of-Year Accounting Questionnaire opens |
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First week of January |
Business Tax Return (1120S) Organizer available |
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Mid-January |
Individual Tax Return (1040) Organizer opens via our integrated partner TaxFyle |
Business Tax Return Overview
If your business is an S Corp, its activity is reported on the 1120S Business Tax Return.
If your business is/was not an S Corp for the entire year, its activity is reported on Schedule C of the 1040 Individual Tax Return.
If you are filing an 1120S Business Tax Return, then this return must be finalized (Form 1120S must be accepted by the IRS) before you can start the preparation of your individual (Form 1040) Tax Returns. Learn more about the differences between the 1120S and the Form 1040.
1120S: Business Tax Return Process
Let us know if you don't need Collective to prepare your tax returns by selecting "Opt out here" in your dashboard. Otherwise, we will assume that you would like Collective to prepare the return.
We've issued your tax organizer and it is time for you to complete the questionnaire and upload any necessary documents.
We received your documents and will be reviewing them before we start preparing your Business Tax Return. Now, our accounting team will review your year-end information and notify the tax team that your financials are ready for the tax returns to be prepared. We'll reach out if we have any questions.
We hit a roadblock and need additional information from you. You’ll receive an email from us, so make sure you reply ASAP.
It’s in the works! Our tax team reviewed your information and is working on your tax return. We'll reach out if we have any questions.
We’re almost there. We’re making sure all the T’s are crossed and I’s are dotted before we send the return to you for review.
Get your electronic pen ready, we’ve completed your return! Please look over the draft return that has been provided to you in your dashboard and let us know if you have any questions. If everything looks good, we’ll need your signature.
You've reviewed your returns and have no questions, so you are ready to sign the return to authorize Collective to e-file your Business Tax Return.
We have received your signed forms and will be e-filing your return shortly.
We did it! Give yourself a pat on the back and sit back and relax until next tax season.
1120S Business Tax Return: Special Cases
If, for any reason, the initial tax return deadline cannot be met, we’ll submit a tax return extension on your behalf. This gives us until 9/15 to complete your tax return. Learn more about extensions here.
Our team is working on your books to be closed for the year. Once this is done, we can continue preparing your Business Tax Return.
1040 Individual Tax Return
We're partnering with our integrated partner TaxFyle for the 2024 tax season to make it easy to manage your Individual Tax Return directly from your Dashboard. Through our partnership, you'll complete your Individual Tax Return Organizer in your Collective Dashboard and then be assigned to a TaxFyle Pro who will work with you to complete, prepare and file your return.
Individual Tax Returns can be purchased for an additional, one-time fee and will be available to purchase prior to tax season.