Chicago Therapists & Solo Practitioners Tax, Bookkeeping Services
Tax preparation, bookkeeping and accounting for therapists in private practice, so you stay organized, compliant and focused on your clients.
What we handle for your practice
- Practice and personal tax returns
- Quarterly estimated taxes
- Monthly bookkeeping and insurance tracking
- S corp election and owner payroll
- Group practice payroll and 1099s
- Year-round planning and retirement
Certified on the platforms our clients use
You run the practice. We handle the numbers behind it.
Private practice comes with financial responsibilities nobody covers in clinical training: uneven income, self-employment tax, insurance payments that arrive late and books that fall behind during busy months.
Heard & Associates provides tax preparation, bookkeeping and accounting services for therapists and solo practitioners in Chicago, with practical guidance that fits how therapy practices actually operate.
Whether you are opening your first practice or managing a growing group, you get one team for your returns, your books and the decisions in between.
Accounting for every kind of private practice
We work with licensed professionals across mental health, wellness and other solo disciplines.
Mental health therapist in private practice? See accounting built specifically for counselors and therapists.
Mental health therapist services →Tax and bookkeeping services for therapists
Everything your practice needs behind the scenes, from the first client to a full group.
Tax Preparation
Federal and Illinois returns for sole proprietors, LLCs and S corps, with quarterly estimates so April holds no surprises.
Tax preparation →Bookkeeping
Monthly categorization, reconciliations and insurance reimbursement tracking matched to your practice software reports.
Monthly bookkeeping →S Corp & Owner Payroll
We test whether an S corp saves you money, set a reasonable salary and run payroll and the 1120-S.
S corp tax prep →Practice Formation
Sole proprietorship, LLC or PLLC, registered correctly in Illinois with books set up before your first session.
PLLC formation →Group Practice Accounting
W-2 or 1099 decisions, clinician payroll, timely 1099s and profit tracking by clinician.
Practice payroll →Accounting & Planning
Financial statements, payer mix, retirement planning and year-round advice that keeps more of what you earn.
Tax planning →The financial side of private practice, handled
These are the issues therapists bring to us most often, and how we solve them.
From your first client to a group practice
Your accounting needs change as you grow. We help at every stage and tell you when it is time for the next step.
Opening your practice
Structure, EIN, business account and bookkeeping set up before the first session.
Growing solo
Quarterly estimates, full deductions and a retirement plan that fits your income.
Ready for an S corp
We test whether an election saves more than the payroll costs it adds.
Group practice
Clinician payroll, contractor 1099s and profit tracking by clinician.
Tax deductions therapists often miss
Most practices leave money on the table because expenses are not tracked through the year. We review these on every return.
Deductibility depends on your situation and records. Self-employed therapists may also deduct health insurance premiums and retirement contributions.
Illinois taxes every Chicago therapist should know
Illinois taxes income at a flat rate, and S corporations also owe the state’s replacement tax on business income. That second tax changes the math on an S corp election, so we include it in every analysis we run.
Chicago has no city income tax. If you see clients by telehealth in other states, our multistate tax team can review whether other filing rules apply.
Why therapists in Chicago choose Heard & Associates
You get a local team that knows Illinois practices, handles your practice and personal returns together and stays available all year, including when an IRS or Illinois notice shows up.
Book a Consultation →Rated 5.0 by 100+ clients on Google
Practice owners describe a firm that answers quickly, explains clearly and makes tax season easy.
Questions therapists ask us
Don’t see your question? Call (312) 810-3603 and we’ll talk it through.
Ask us directly →When should a therapist hire an accountant?
Ideally before you open your practice, so your structure and bookkeeping are right from day one. Other common triggers are your first year of meaningful self-employment income, joining insurance panels, hiring your first clinician, falling behind on your books or receiving an IRS or Illinois notice.
Should my therapy practice be an S corp?
It depends on your profit, not your license. An S corp can lower self-employment tax once profit is steady, but it adds payroll, a separate return and the Illinois replacement tax. We compare both options with your real numbers before recommending an election.
What can therapists deduct?
Common deductions include continuing education, license renewals, clinical supervision, malpractice insurance, practice management and telehealth software, office rent or a qualifying home office, professional memberships and business mileage.
Do you work with group practices that use 1099 contractors?
Yes. We help group practices decide whether clinicians should be W-2 employees or 1099 contractors, run payroll, issue 1099s on time and track profitability by clinician.
Can you work with my practice management or EHR software?
Yes. We work from the reports and deposit records your practice management system exports, alongside your bank and card processor statements, so private pay and insurance income are matched correctly.
Do you work with therapists outside Chicago?
Yes. We have offices in Chicago (Hyde Park) and Olympia Fields, and we work virtually with therapists and solo practitioners across the U.S.
Is Heard & Associates the same company as the Heard bookkeeping app?
No. Heard & Associates LLC is an independent tax, accounting and bookkeeping firm founded by Darrel Heard in Chicago. We are not affiliated with the online bookkeeping platform for therapists that is also called Heard.
Schedule a consultation today
If you’re a therapist or solo practitioner in Chicago looking for reliable tax preparation and bookkeeping, we’re here to help.