LLC vs. S-Corp: The $10K Decision Every Entrepreneur Faces

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Nov 20, 2025

In this engaging discussion, tax attorney Braden Drake shares his expertise on vital tax strategies for online entrepreneurs. He highlights common pitfalls, like mixing personal and business finances, and offers solutions to save on taxes. Braden explains the advantages of transitioning from an LLC to an S Corp when profits hit the $60K–$100K mark, potentially saving thousands. He emphasizes smart year-end financial moves, including retirement contributions, to maximize wealth while avoiding IRS red flags.

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ADVICE

Finance Friday Routine

Build a simple Finance Friday routine to do weekly bookkeeping and a monthly profit review.
Doing ten minutes to half an hour weekly keeps you on top of invoices, payments, and tax savings.

INSIGHT

Too-Good-To-Be-True Deductions

Beware viral tax hacks that encourage big purchases just to get deductions; many are misleading.
Real tax savings come from allowable items like home office, retirement contributions, courses, and contractors.

ADVICE

Maximize Home Office Deductions

Claim a home office deduction for a dedicated space and include proportional utilities and maintenance.
You can allocate part of housekeeping and related home costs to the home office percentage.

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Before You Close Your Books This Year, Make These 3 Tax-Saving Moves

When it comes to taxes, most entrepreneurs are winging it and paying the price. I’m joined by my friend and tax attorney, Braden Drake, who breaks down the must-know tax strategies that can save you thousands and help you feel confident about your business accounting.

Whether you’re already making six figures or simply want to feel prepared when it comes to bookkeeping, Braden is here to demystify LLC vs. S Corps, deductions, and the smartest year-end money moves you can make.

In this episode, we tackle the common tax mistakes online business owners make, how to structure your business for long-term savings, and what you can do right now to set yourself up for a stress-free tax season.

HERE ARE THE 3 KEY TAKEAWAYS FROM THIS EPISODE:

1️⃣ Stop Mixing Business & Personal Finances – One of the most common (and expensive) mistakes entrepreneurs make is skipping a separate business bank account. Keep your finances clean and organized to avoid audit headaches and missed deductions.

2️⃣ Understand the S Corp Advantage – Braden explains exactly how switching from an LLC to an S Corp (when your profit hits around $60K–$100K) can save you thousands each year and why getting this wrong could trigger IRS red flags.

3️⃣ Don’t Spend Just to “Save” on Taxes – The smartest entrepreneurs don’t buy their way into write-offs. Instead, they focus on year-end strategies that actually build wealth, like opening a retirement account, catching up on bookkeeping, and planning for profit with intention.

RESOURCES MENTIONED IN THIS EPISODE:

Get your copy of Unf*ck Your Biz: A Step-by-Step Framework to Get Your Legal and Tax Shit Legit

Subscribe to Unf*ck Your Biz

Check out Gusto

Get your copy of Profit First by Mike Michalowicz

MORE FROM BRADEN

Learn more about Braden’s offerings at notavglaw.comFollow Braden on Threads and Instagram: @notavglaw

MORE FROM ME

Follow me on Instagram @amyporterfield

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