Tax Season Checklist for S Corporations

Headshot of Bryce Warnes
November 4, 2022
November 2, 2022
Bryce Warnes
Content Writer
Fact-Checked by Richard Huynh, Tax Attorney

Forming an S corporation for your therapy practice comes with many benefits. But if it’s your first year filing taxes with S corporation status, it’s easy to feel a bit lost.

Check off the applicable items below and track everything you need for you or your accountant to file taxes for your S corporation.

Basic Information

  • Your full legal name and date of birth
  • Your social security number (SSN)
  • Your S-corp’s Employer Identification Number (EIN), documented on your SS-4 Letter from the IRS
  • Last year’s tax return
  • Last year’s total adjusted gross income
  • Your IRS Self-Select Pin from last year’s filing
  • Total amount paid in quarterly taxes during 2021
  • Bank account information: account and routing numbers

Tax Forms 

  • Form 1120-S (S corporation tax return)
  • Form 2553 (Election by a Small Business Corporation)
  • Form SS-4 or EIN Letter from the IRS
  • Form W-2 (for the salary you pay yourself as an employee, and for any other salaries paid to other employees of your S-corp) 
  • Schedule K-1 (issued to you, as the shareholder, to report your share of S corporation income, losses, and dividends to be reported on your 1040)
  • Form 1099 (if your S-corp paid for a contractor’s services during the year)

Financial Statements

  • Annual profit and loss (P&L) statement

Receipts and Financial Records*

  • Advertising and marketing 
  • Accounting and bookkeeping services
  • Business meals
  • Business trips
  • Bank fees
  • Vehicle use (mileage rate or actual expenses)**
  • Membership fees
  • Continuing education
  • Office rent (including home office)**
  • Office supplies
  • Books and therapeutic aids
  • Personal therapy
  • Square, Stripe, and other payment processor fees
  • Booking and billing software

* You or your accountant will use these to add up all your tax deductible expenses for the year. They must be kept after you file taxes, to back up your claims in the event of an IRS audit.

** For more details on how to deduct this expense on your tax return, see Heard’s complete list of tax deductions for therapists.

Helpful articles from Heard

One of the best ways to prepare for tax season is to pay your estimated quarterly taxes accurately and on time. When you join Heard, we’ll let you know how much to pay to the IRS and your state each quarter. Schedule a free 15-min consult.

This post is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult his or her 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.

Subscribe to our newsletter
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

You might like

Is Clinical Supervision Tax Deductible for Therapists?

IRS Penalties for Therapy Practices

Man looking at tax forms

How to File Taxes as a Part-Time 1099 Contractor Therapist