Perhaps one of the most difficult parts of running your own private practice is knowing how and when to properly pay your taxes.

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Here are all the important tax deadlines for therapists.

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Tax deadlines for therapists

If you don’t adhere to the Internal Revenue Service (IRS) deadlines, you could end up paying interest and penalties that accumulate over time. 

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The most well-known tax deadline is April 15, but businesses may have additional tax deadlines depending on their entity type. S corporation business tax returns are due on March 15.

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In general, keep the following dates in mind:

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• January 31: Deadline to send out W-2, W-3, and 1099-Misc Forms to employees and to the IRS
• February 28: Filing deadline for Forms 1097, 1098, 1099, and W-2G (paper mail only; if filing electronically, other dates apply)
• March 15: Filing deadline for partnerships and S corporations
• March 31: Deadline for electronically filing 2019 information returns such as Forms 1097, 1098, 1099, and W-2G
• April 15: Filing deadline for sole proprietorships and corporations

Quarterly estimated tax deadlines

When you run your own business, you must submit tax payments quarterly rather than annually. Anyone who is a sole proprietor, S corporation, or self-employed mental health professional and will owe more than $1,000 in taxes is required to pay taxes four times a year in estimated payments. 

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This estimated tax payment is a calculation based on assumptions about income tax, self-employment tax and any other tax you might be subject to as a practice owner. 

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‍Although this can often seem like a hassle in comparison to the Internal Revenue Service’s (IRS) annual system, it does allow you to prepare more and pay your taxes gradually, as opposed to paying them off in one large chunk.

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The following deadlines are typical, but may be pushed back if the date falls on a holiday or weekend:

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• April 15: Deadline for Q1 estimated tax payments and 2019 tax returns for sole proprietorships and corporations
• June 15: Deadline for Q2 estimated tax payments
• September 15: Deadline for Q3 estimated tax payments; extension deadline for partnerships and S corporations  
• October 15: Final deadline for filing the tax return extension for individuals, sole proprietorships, and corporations
• December 15: Deadline for Q4 estimated tax payments for corporations
• January 15: Deadline for Q4 estimated tax payments for individuals

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Tax payments are due on the following dates for the associated business periods in 2024.

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• April 15, 2024* – for January 1 through March 31

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*If you did not make estimated quarterly tax payments in 2023, then you'll pay them all by this date.

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• June 17, 2024 – for April 1 through May 31
• September 16, 2023 – for June 1 through August 31
• January 15, 2025 – for September 1 to December 31

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For more tax deadlines, check out the Heard Tax Calendar for Therapists.

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Did you miss a deadline? Check out our article on what to do if you miss a quarterly tax deadline for your therapy practice.

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This post 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 post.

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