Taxes

Heard Tax Calendar for Therapists

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December 15, 2023
December 14, 2023
Bryce Warnes
Content Writer
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This article has been updated for 2024.

When you run your own therapy practice, you have plenty on your to-do list; a surprise tax deadline—or a penalty due to late filing—is the last thing you need.

Below, you’ll find all the major federal tax deadlines for your therapy practice, divided up according to whether you have employees or pay contractors, and according to your business structure.

Remember: these are federal deadlines only. The deadlines for state taxes will vary according to the state (or multiple states) where you practice, plus factors such as whether your business is a registered LLC.

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For therapy practices paying quarterly estimated taxes

The deadlines for 2024 quarterly estimated tax payments are:

January 16: Fourth quarterly estimated payment for the 2023 tax year

April 15: First quarterly estimated payment for the 2024 tax year

June 17: Second quarterly estimated payment for the 2024 tax year

September 16: Third quarterly estimated payment for the 2024 tax year

January 15, 2025: Fourth quarterly payment for the 2024 tax year

For therapy practices with employees or contractors

To learn more about the difference between employees and contractors, check out our guide to payroll for therapy practices.

January 31: Deadline to submit Form W-2s and Form W-3s to employees and the IRS.

January 31: Any contractors you paid more a total of $600 or more during the 2023 tax year must receive a copy (“Copy B”) of Form 1099-NEC or Form 1099-MISC by this date.

April 1: Deadline to file copies (“Copy A”) of Form 1099-NEC or Form 1099-MISC electronically with the IRS.

For sole proprietor therapists

As a sole proprietor, your individual person and your business are identical for tax reasons. Learn more about sole proprietor taxes for therapists.

April 15: Deadline to file Form 1040, your individual tax return. This is also the deadline to file Form 4868, requesting a six month extension.

For S corporation therapy practices

If your therapy practice is an S corporation, you must file both an individual tax return (reporting pass-through income) and an S corporation tax return (reporting S corporation income and distributions).

* March 15: Deadline to file Form 1120S, your S corporation tax return. This is also the deadline to file Form 7004, requesting a six month extension.

April 15: Deadline to file Form 1040, your individual tax return. This is also the deadline to file Form 4868, requesting a six month extension.

September 16: Deadline to file Form 1120S with an extension.

October 15: Deadline to file Form 1040 with an extension.

* For calendar year S corporations only. If your S corp follows a fiscal year, these forms are due on the fifteenth day of the third month after your fiscal year closes.

For partnership therapy practices

If your therapy practice is a partnership, you must file both an individual tax return (reporting pass-through income) and a partnership tax return (reporting partnership income and distributions).

* March 15: Deadline to file Form 1065, your partnership tax return. This is also the deadline to file Form 7004, requesting a six month extension.

April 15: Deadline to file Form 1040, your individual tax return. This is also the deadline to file Form 4868, requesting a six month extension.

September 16: Deadline to file Form 1065 with an extension.

October 15: Deadline to file Form 1040 with an extension.

* For calendar year partnerships only. If your partnership follows a fiscal year, these forms are due on the fifteenth day of the third month after your fiscal year closes.

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Therapist tax deadline FAQ

What should I do if I miss the filing deadline?

If you miss the filing deadline, file your taxes as soon as possible, even if you can’t pay them. The penalty for late filing isn’t huge, but the longer you leave it, the larger it becomes. You can learn more from our article on IRS penalties for therapy practices.

What if I can’t afford to pay my taxes?

If you can’t afford to pay your taxes, the IRS offers you a few options. You can:

  • Apply for a 120 day extension, giving you more time to get the money together;
  • Settle on an installment plan with the IRS (so long as you owe less than $50,000 in overdue taxes, penalties, and other fees); or
  • Make an offer in compromise, in which case the IRS accepts a total lump sum lower than the amount you owe.

Our guide to IRS penalties for therapy practices covers these options in greater detail.

What happens if I realize I made a mistake on my tax return?

If you need to change information you submitted on your tax return, there’s no need to file a completely new return. Instead, file an amendment. The amendment only corrects the information you need to correct, without changing any other part of your original submission.

Amendment forms, according to business structure:

You have up to three years after the original due date of the return to file an amendment.

How do I file my tax return online?

If you are a sole proprietor with an adjusted gross income under $73,000, you can file your return for free online. If your income is higher, or if you have a different business structure, you may use commercial software approved by the IRS.

Who do I talk to if I need help filing my taxes?

For help filing taxes, you can hire a traditional financial services provider such as an accountant, Certified Professional Accountant, or Enrolled Agent. Or get in touch with the tax professionals at Heard. We specialize in helping therapists file their taxes accurately and on time.

This post is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult their own attorney, business advisor, or tax advisor with respect to matters referenced in this post.

Bryce Warnes is a West Coast writer specializing in small business finances.

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