Who this guide is for
This overview is for S Corp members who joined Collective to form and operate as an S Corp. It walks through the full flow of tax season built around two key deadlines for S Corp owners: March 15 to file or extend your S Corp tax return and April 15 to file or extend your individual return. Because your S Corp return must be completed and filed before your individual return can be finalized, following this sequence ensures the smoothest path through tax season.
Tax season is broken down into two easy phases:
- Phase 1 is focused on closing out your finances the right way and meeting the S Corp deadlines for 2025.
- This sets up Phase 2 in 2026, which is focused on end of year finalization and tax filing.
Phase 1 - Closing out 2025
Through year-end, we’ll work with you to close out your S Corp finances and set you up for a smooth tax filing. To ensure readiness, you’ll want to:
- File past-due 2024 returns. This is critical to a timely 2025 filing. If your 2024 return is not yet filed, we’ll contact you with next steps. The IRS closes its e-filing in early December - act now to avoid further delays.
- Run payroll and record benefits by 12/12/2025. As an S Corp owner, you’re required to pay yourself a reasonable salary. Contact us immediately if you need help with running payroll or have changes to your healthcare premiums or retirement benefits.
- Ensure your bank account is connected to your dashboard. Connecting your bank account allows us to pull and categorize transactions. That means maximized deductions and clear financials for tax filing.
Phase 2 - Tax Filing in 2026
Once we’ve started the new year, we’re one step closer to the tax season of your dreams. Here’s what that process looks like:
- Upload your end of year bank statement. After we’ve categorized all of your transactions for the year, we’ll need your most recent bank statement. This allows us to reconcile the books for accuracy.
- Review your End-of-Year financials and submit your Business Tax Organizer. Once your financials are complete, we’ll send them your way for approval.
- We’ll prepare and file your Business Tax Return. Once you approve of your financials, we’ll prepare your Business Tax Return (BTR) for your review and sign-off. As an S Corp owner, your BTR must be completed before you can file your personal tax return.
- File your personal tax return. Using the documentation from your filed BTR, you can choose to file your personal tax return with Collective or with another provider of your choice.