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Live Webinar On-Demand

S Corp Tax Savings for Therapy Practices: When, Why, and How?

Forrest Perry, BBA
Molly Pike, LPC
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Information

Recorded

Learning Objectives

Participants will be able to:

  • Differentiate business entities and tax designations and explain where S corps fit.

  • Identify financial indicators that suggest an S corporation election may be appropriate for a therapy practice.

  • Describe at least two pros and at least two cons of becoming an S corp.

  • Explain the steps and timeline for making the S corp election, including the IRS 3/15 deadline.

  • Recognize best practices for maintaining compliance and managing ongoing S corp responsibilities.

Educational Goal

The educational goal of this workshop is to provide information about how S corps work in order for participants to determine appropriateness and better understand the requirements for implementation and compliance.

Description

You’ve likely heard that electing S corp status can lead to meaningful tax savings for private practice owners. But how do you know if it actually makes sense for your therapy practice and what’s required to do it correctly? In this educational workshop, we’ll break down how S corps work in real-world private practice scenarios and help you determine whether this tax strategy is right for your business in 2025 and beyond. This program is for educational purposes only and does not constitute legal or tax advice.

What You’ll Learn:
* How business entities and tax designations differ and where S corps fit
* When an S corp election makes financial sense for a therapy practice
* The pros and cons of becoming an S corp, including tax savings and compliance trade-offs
* The steps and timeline for making the S corp election, including the IRS 3/15 deadline
* Best practices to stay compliant and manage ongoing S corp responsibilities

Target Audience

  • Addiction Professional
  • Counselor
  • Psychologist

Presenters

Forrest Perry, BBA
Forrest is a former CPA and graduated from Gonzaga University with an accounting and finance degree with Cum Laude honors. He started his professional career in Seattle, WA at PriceWaterhouseCoopers (PwC). At PwC, he worked in the public accounting/external audit department and served a variety of clients both in size and industry.
Molly Pike, LPC
Molly is a Licensed Professional Counselor, part-time private practice owner, and Provider Success Manager at Heard. She enjoys helping clinicians feel more confident and supported while navigating the administrative demands of private practice.

Financially Sponsored By

  • Heard