You may be overpaying on taxes by not electing S corp
See if S corp is right for you
Get a personalized readiness report to assess whether S corp makes sense for your practice, including the potential cost savings.
Elect S corp by March 15
If electing is right for you, we’ll handle the filing process so you can take advantage of S corp benefits for all of 2025.
Stay compliant
We’ll get you set up on payroll, a requirement as a S corp, which you can run directly through your Heard dashboard.
How much you can save as an S corp
As an S corp, you pay yourself an owners wage which is not subject to self-employment tax. That can save you thousands in taxes each year.
Your Taxes as a Sole Proprietor*
Net income
$150,000
Owners Wages
$0
Total Self-Employment Tax
$22,950
Pass-through Profit
$150,000
Amount Subject to Income Tax
$150,000
Your Taxes as an S corp*
Net income
$150,000
Annual Operating Costs
$4,400
Owners Wages
$80,000
Total Self-Employment Tax
$12,240
Total tax savings
$10,710
Pass-through Profit
$70,000
Amount Subject to Income Tax
$150,000
$6,310
*This is based on a therapist in California.
Join our free S corp webinar
Join our free webinar on February 7 where we’re going to debunk S corp myths (and more) so you can make an informed decision about whether electing S corp makes sense for your therapy practice in 2025.
Who S corp is right for
S corp is a great tax saving strategy - however, it is important to see if you would actually benefit from it. Book a consult to learn more.
Frequently asked questions
What is Heard?
Heard is the accounting platform built for therapist entrepreneurs. We empower therapists like you as business owners with easy-to-use financial software and access to bookkeeping and tax professionals—so you can focus on helping your clients.
How does Heard pricing work?
Our pricing is subscription-based, billed either monthly or annually. We offer a 15% discount with annual billing. There are two plan options for Solo Practices (whether you're taxed as a sole proprietor or S corporation) and one plan option for Group Practices.
There's an optional $450 charge for personal tax returns for Group Practice S Corporations and a required one-time fee of $99/mo for months of catch up bookkeeping needed.
Our pricing plans do not include third-party fees (such as fees and taxes charged by your city, state, or the federal government), Gusto for payroll (available as an add-on), or business license filing fees, which vary by city. With that said, those fees are tax deductible.
Can I cancel any time?
Yes, you can cancel at any time. With that said, all one-time fees and annual subscription fees are non-refundable. Read our full terms of service.
What's the difference between Heard and QuickBooks?
QuickBooks is a good DIY software choice for therapists who are looking to do their own bookkeeping. To upgrade to their full-service bookkeeping option, however, you can expect to pay $300/mo or more.
In addition to cost, the other difference is that Heard is built specifically for therapists, whereas Quickbooks is industry-agnostic. Specializing in therapy practices means we understand your business.
What's the difference between Heard and a local CPA?
A local CPA is a good option for therapists who are looking for a more personalized experience with regular meetings to review their financials. With that said, you can expect to pay $500/mo or more working with a local CPA.
What does my bookkeeping team do?
Your bookkeeping team categorizes your transactions and reconciles your accounts every month. They also make any necessary adjustments to your books to ensure they are tax-compliant and account for any outside expenditures, not being run through your business bank accounts.
Your bookkeeping team may need your input on reviewing transactions to ensure proper categorizations. We will also need you to upload your monthly statements so we can reconcile your accounts.
You will be able to message your bookkeeping team to get any questions answered within 1-2 business days. Every question will be answered by a real person who is familiar with your business. Our aim is to support and educate you throughout the bookkeeping and accounting process.
Who does Heard work and not work with?
We work exclusively with mental health therapy practices, including: psychologists, psychiatrists, social workers, mental health counselors, professional counselors, marriage and family therapists, and psychiatric nurse practitioners. We are able to support therapists who have other streams of income (e.g. coaching, consulting).
We do not work with non-mental health practices, practices based outside the United States, practices with multiple owners, and practices taxed as C corporations.