With the April 15, filing deadline approaching, you may need more time to gather documents or to finalize your return. An extension provides six additional months to file your return, moving the filing deadline to October 15. 

However, it is important to remember that an extension to file is not an extension to pay. Any taxes you owe for the 2025 tax year are still due by April 15, 2026. Making an extension payment by this date helps you stay in good standing and avoid potential late-payment penalties.

Collective support and deadlines

• Automatic calculation: We will help file extensions and provide extension calculations if all required information is provided by April 9, 2026.
• Manual extension calculator: If you are unable to meet the April 9 deadline, don’t worry. You can still file your own extension independently, and use the extension payment calculator in your dashboard to simplify the math and manage the process.

This walkthrough explains how to use Collective’s extension payment calculator to calculate your extension payments directly in your dashboard.

Guided Walkthrough

Step 1: Access the extension payment calculator

To begin, navigate to the Individual Tax Return section of your Collective dashboard. You will see a prompt related to your 2025 extension payment.

• Click “Estimate and pay” on the "File a tax extension" card.
• The calculator will then guide you through a series of questions to determine your estimated tax balance.

Keep in mind that all the information you provide should be for the 2025 tax year (taxes filed in April 2026 are for the 2025 tax year).

Step 2: Review your business profit

The calculator will first show your total business profit for the year based on your 2025 profit & loss records in Collective.

• Review this number to ensure it reflects your 2025 activity. Make any updates as needed.
• Click Continue to move to the next step.

Step 3: Account for other income sources

To provide an accurate extension payment amount, the calculator needs to know about income and withholdings outside of your primary business you have on Collective. If you’re married, you’ll need to include income from your spouse as well. This includes earnings from a W-2 job, additional 1099 income or investments.

Step 4: Confirm any estimated tax payments and withholdings

Confirm the estimated tax payments made for this tax year. This includes any quarterly estimated tax payments you made through Collective, tax withholding, and any tax payments made directly to the IRS or state outside of Collective.

Step 5: Review your estimated tax balance

After entering your information, the calculator will take your estimated total tax liability and subtract any estimated tax payments and tax withholdings you have already made throughout the year.

• If the result is a positive number, this is your Remaining Tax Balance due by the April 15, 2026 deadline.
• If you have already overpaid, the tool will reflect a $0 balance. Any refunds will be calculated during your return filing.

This estimate is based on your available tax information and is intended to reflect the best approximation of actual tax liability. Your final tax liability will be determined once your return is filed.

Step 6: Pay your extension and file an extension request with the IRS/state

Once you have your final amount, you must make the payment directly to the IRS and your state agency. Please keep in mind that the extension payment calculator supports payment calculations for the IRS and a single state.

• Make the Payment: Use the provided links in the dashboard to go to the IRS and state payment portals. When you make these payments, ensure that “Extension” payment type is selected for this to apply as an extension request and an extension payment. For certain states, you’ll need to file a separate state extension (you can find more information here).

Disclaimer: The information contained in this document is provided for informational purposes only and should not be construed as legal, financial, or tax advice. It is not intended to be a substitute for obtaining legal, accounting, or other financial advice from an appropriate and/or licensed adviser, or for the purpose of avoiding U.S. Federal, state or local tax payments and penalties.