Guide to electing as an S Corporation

This article provides an overview of the entire process, from preparing to elect as an S corporation, filing the election paperwork with Heard, setting up and operating your practice in compliance with regulations, and being taxed as an S Corp. At Heard, we are dedicated to guiding therapists through the entire S Corp election process, ensuring you feel informed and confident in this choice.

1. What is an S Corporation, and what does it mean for your private practice
2. Preparing to elect as an S Corp
   • What is an EIN, and why do I need one?
   • What is Form W-9 and How to Complete it
3. S Corp election with Heard
   • What is retroactive or late S Corp election?
4. Setting up as an S Corp
   • How do I set a reasonable salary, and why is it important?
   • Setting up payroll
   • Payroll Setup: Adding health insurance to your wages
   • Payroll Setup: Completing your W-4
   • Creating an Accountable Plan
5. Taxes as an S Corp
   • Quarterly tax estimates for S Corporations
   • 2024 Tax Filing Requirements for S Corporation
   • Understanding your S Corporation Tax Return Form 1120-S
6. Other Taxes
   • What are Franchise and Excise Taxes?