July 30, 2021
As a private practice therapist, you're constantly having to juggle between your caseload of clients and managing the financial health of your practice, whether that's handling bookkeeping or filing your taxes. During tax season in particular, there is often so much financial information to wrap your brain around that it can be hard to figure out where to start –– especially if you only have a few minutes between clients to dedicate to financial tasks.
At Heard, we strive to make tax season information easily digestible for you. If you're filing your taxes this year as an S corporation, here are your most important questions answered.
How do I file my taxes as an S corporation?
You will complete Form 1120 S, which is the U.S. Income Tax Return for an S Corporation. It is a five page form.
In order to complete the form, you will need a few pieces of information:
What is included in the Form 1120S?
Page one of Form 1120S is divided into four distinct sections.
There are six schedules attached to the 1120S. The first three are mandatory to complete:
The three optional schedules on the 1120S include:
What is the filing deadline for my S corporation's taxes?
The 2021 filing deadline for Form 1120S is March 15, 2021. This filing can occur electronically or by mail. You can file a six month extension if need be.
Note: States elect different tax treatments of S corporations. While there are clear advantages that make S corporations attractive, there are differences at a state level, where some states follow the S corporation designation and others treat S corporations as C corporations or LLCs for tax purposes.
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.