Office Hours: All Things S Corps for Therapists with Andrew Riesen

Heard Business School

Did you know S corporations (S corps) can provide significant financial benefits for therapists and their private practices?

Andrew Riesen, Co-founder and CEO of Heard, joins our host Michael Fulwiler to break down the process of electing S Corp status and using it to your advantage. He explains how it can help private practice owners save on taxes while also outlining the additional administrative responsibilities it entails.

Tune in to learn when it makes sense to elect S corp status, the financial thresholds to keep in mind, and the common misconceptions surrounding this tax designation.

In the conversation, they discuss:

• The tax savings therapists can achieve by electing S corp status and the associated costs
• The importance of setting a reasonable salary as an S corp owner and the risks of not following best practices
• The misconceptions about quarterly taxes and other key financial details related to S corps

Resources:

• The Complete Guide to S Corporations for Therapists - https://www.joinheard.com/articles/the-complete-guide-to-s-corporations-for-therapists
• Tax Optimization Strategies for S Corporation Therapy Practices - https://www.joinheard.com/articles/tax-optimization-strategies-for-s-corporation-therapy-practices
• S Corp Tax Savings Calculator for Therapists - https://www.joinheard.com/tools/s-corp-calculator

Connect with the guest:

• Andrew on X: https://x.com/andrewjriesen
• Andrew on LinkedIn: https://www.linkedin.com/in/andrewriesen/
• Visit the Heard website: https://www.joinheard.com/

Connect with Michael and Heard:

• Michael’s LinkedIn: https://www.linkedin.com/in/michaelfulwiler/
• Newsletter: https://www.joinheard.com/newsletter
• Book a free consult: https://www.joinheard.com/welcome-form

Jump into the conversation:

(00:00) Welcome to Heard Business School

(00:56) Meet Andrew Riesen

(01:16) Understanding S Corporations

(02:12) Electing S Corp Status

(03:47) Benefits and Burdens of S Corporations

(07:25) Financial Implications and Examples

(10:28) Administrative Costs and Considerations

(15:15) State-Specific Considerations

(18:59) How to Elect S Corp Status

(23:49) Filing Deadlines and Late Election Relief

(30:19) Maintaining Compliance as an S Corporation

(35:44) Common Misconceptions and Myths

(43:07) Closing Thoughts and Resources

This episode 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 episode.