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

The Amy Porterfield Show

Amy Porterfield

Entrepreneurship, Business, Marketing

4.9 • 5K Ratings

🗓️ 20 November 2025

⏱️ 34 minutes

🔗️ Recording | iTunes | RSS

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Summary

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 SUBSCRIBE & REVIEWIf you loved this episode, please take a moment to subscribe and leave a review on Apple Podcasts! Your support helps us reach more entrepreneurs who need these insights. 🎙 Thanks for tuning in to The Amy Porterfield Show! See you next week!

Transcript

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0:00.0	Real quick, before we dive in, this episode includes some adult language.
0:04.9	So if you're with the kids, maybe pop your earbuds in.
0:09.4	Hey there.
0:10.6	Welcome to the Amy Porterfield Show.
0:19.6	Near the end of the year, and I heard in my ear, you should spend as much money as you can to get your tax write-offs and stuff.
0:26.4	So I needed to spend more. I spent $20,000, which was absolutely insane, nor did she ever deliver for the record.
0:34.4	But it's that feeling of, I better spend money to get these tax write-offs or whatever.
0:39.6	So I'm guessing you would agree that was probably not a good move.
0:43.6	Probably. And I'm glad you gave that example, though. It's a good lesson learned.
0:47.7	We see this happen all the time.
0:52.6	When I first started my business, I was all in on content and launching and building my email
1:00.0	list, all the stuff that I knew I needed to do. But when it came to taxes and business structure,
1:06.7	I was literally winging it. Like, I didn't even know what an an S corp was. And let's not even talk about how long it
1:15.3	took me to hire a bookkeeper. I didn't know how to read a P&L for I'm talking for years into my
1:22.6	business. And there were little things like I didn't know how to give someone a refund. I mean, beyond the
1:28.5	taxes and the business structure, I mailed somebody a refund check and a greeting card.
1:34.0	So literally this is early days. I'm like, how do you even do this? So a lot of you listening,
1:39.8	you've been in business for a few years. But I bet you could look back and remember like,
1:44.7	oh yeah, I was clueless too. And the thing is, even now if you're a few years into your
1:50.9	business, there might be things that you still just don't know around the numbers, around
1:55.8	taxes. And I wanted to create an episode where we could just lay it all out. Because back then, I felt really behind.
2:04.6	Like, honestly, I was a little embarrassed because I knew I should be treating my business
	...

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