Note: Collective supports two membership tiers with different federal tax filing requirements. If you have an S Corp, your business files Form 1120-S (S Corporation business tax return), and you file Form 1040 for personal income. This article covers information specifically relevant to Collective S Corp members.
Why Tax Season Milestones Matter
Navigating tax season as a business owner can often feel like a marathon. Staying ahead of deadlines ensures your business remains in good standing with the IRS and helps you avoid unnecessary penalties. By understanding these key milestones, you can move through the year with confidence, knowing your bookkeeping and filings are on track.
Business Tax Return (Form 1120-S)
As an S Corp, your business is a pass-through entity. This means the company’s profits and losses 'pass through' to you as the owner, rather than being taxed at the corporate level. While the business itself generally doesn't pay income tax (with the exception of certain states), it must still file an annual informational return with the IRS. Additionally, it must file in any state where your business has enough activity to trigger a tax filing requirement, where applicable.
Critical Due Dates
| Due Date | Milestone | Your Action Item |
| Feb 13, 2026 | Approve Financials & Submit Organizer | Finalize your 2025 activity: Approve your Profit & Loss/Balance Sheet and submit your Business Organizer.
⚠️ Missed the deadline? Your filing will be automatically extended to Sept 15. Any taxes due must still be paid by March 16 to avoid penalties. |
| Mar 13, 2026 | Tax Return Final Review & Approval | Final date to approve your tax return draft. |
| Mar 16, 2026 | Filing & Payment Deadline | Pay any taxes due, if applicable. Our team will handle filing the return (once approved) for you.
Important: This filing produces your Schedule K-1. This a critical document that reports your share of business income, and is needed for your individual return. You cannot file your individual return without this. |
Extension Deadlines
In most cases, requesting an extension provides more flexibility to prepare your return. Note that an extension to file is not an extension to pay any taxes due. Any tax balance due is still due by March 16, 2026. Our team will help calculate an estimated extension payment for your Business Tax Return (BTR), if applicable.
- March 16, 2026: Deadline to pay any taxes due, regardless of extension.
- August 14, 2026: Final day to submit your organizer and approve financials for the extension period.
- September 11, 2026: Final date to approve your draft return.
- September 15, 2026: The official S Corp extension filing deadline.
Individual Tax Return (Form 1040)
You can choose to simplify your tax preparation by adding a 2025 Individual Tax Return (ITR) to your membership, for an additional fee. We’ll tailor a package for your household so your business and personal filings stay organized in one place.
Critical Due Dates
| Due Date | Milestone | Your Action Item |
| Mar 31, 2026 | Individual Tax Organizer | Submit your Individual Tax Return organizer, all supporting documents, and answer any outstanding questions.
Important: Your Business Tax Return must be filed before this date, so we have your Schedule K-1 for your individual taxes.
⚠️ Missed the deadline? Your filing will be automatically extended to Oct 15. Any taxes due must still be paid by Apr 15 to avoid penalties. |
| Apr 14, 2026 | Tax Return Final Review & Approval | Final date to approve your tax return draft. |
| Apr 15, 2026 | Filing & Payment Deadline | Pay any taxes due, if applicable. Our team will handle filing the return (once approved) for you. |
Extension Deadlines
- April 15, 2026: Deadline to pay any taxes due, regardless of extension.
- September 30, 2026: Last day to submit your completed individual organizer and documents.
- October 15, 2026: The official individual extension filing deadline.
Disclaimer: This content is for informational purposes only and is not legal, financial, or tax advice. Deadlines listed reflect Collective's operational requirements to ensure timely delivery of services. Failure to meet these deadlines may result in delays to your tax filings and IRS penalties and interest, for which Collective is not responsible.