In this episode, we are breaking down one of the most misunderstood tax topics for entrepreneurs: S corp elections.

You’ll also hear practical guidance around income thresholds, reasonable compensation, payroll requirements, bookkeeping expectations, and the hidden costs business owners often overlook before making the switch.

Whether you’re currently operating as an LLC or wondering if an S corp election could help you save money, this episode gives a realistic, strategic look at how to make the right decision for your business and long-term financial goals.

Tune in to hear:

• What an S corp actually is and how the election works
• The difference between entity structure and tax elections
• Why S corps are often overhyped online
• Situations where becoming an S corp may not make sense
• How S corps reduce self-employment taxes
• The additional costs associated with S corp status
• Why bookkeeping becomes even more important after the transition
• The difference between revenue and net income when evaluating S corp eligibility
• Why they recommend waiting until at least $80K–$100K in net income
• How payroll impacts business cash flow
• What “reasonable compensation” means and why it matters
• The audit risks associated with improper S corp setup
• Why S corps are statistically audited less often
• Additional tax strategies unlocked through S corp elections
• Real examples of business owners saving thousands through proper structuring

Connect with Andrea & Emily:

• Book a Free Assessment: Text "Tax" to +1 (951) 618-4015
• 5 Cash Leaks and 5 Tax Deductions Draining Your Business: https://www.thorneadvisors.com/cashleaks
• Website: https://www.thorneadvisors.com/ 
• IG: https://www.instagram.com/THORNEADVISORS

We are breaking down one of the biggest mistakes business owners make when it comes to taxes: operating reactively instead of proactively.

This episode dives into the connection between bookkeeping, cash flow, pricing, profitability, and tax planning and how all of those pieces work together to help you actually keep more of the money you make.

You’ll also hear practical ways to uncover hidden cash inside your business, common mistakes business owners make when handling distributions, and why waiting until April to think about taxes can cost you thousands.

Whether you’re just starting out or scaling past multiple six or seven figures, this conversation will help you think about your business finances from a completely different perspective.

In this episode, they discuss:

• Why most business owners get surprised by tax bills
• The difference between tax prep and tax strategy
• Why bookkeeping should guide business decisions year-round
• How proactive tax planning helps reduce what you owe
• Why many entrepreneurs feel cash-rich but are actually unprepared
• The importance of reviewing financial reports monthly
• Why outsourcing bookkeeping saves money long-term
• How expense audits can quickly free up extra cash
• Common subscription and operational “cash leaks” businesses overlook
• Why pricing mistakes destroy profitability
• How poor pricing can impact taxes and cash flow
• The connection between clean books and strategic growth decisions
• Why cleanup bookkeeping becomes more expensive the longer you wait
• How tax strategy supports long-term wealth building

Connect with Andrea & Emily:

• Book a Free Assessment: Text "Tax" to +1 (951) 618-4015
• 5 Cash Leaks and 5 Tax Deductions Draining Your Business: https://www.thorneadvisors.com/cashleaks
• Website: https://www.thorneadvisors.com/ 
• IG: https://www.instagram.com/THORNEADVISORS

In this very first episode of Prosper & Get Paid Playbook, the founders of Thorne Advisors, Andrea and Emily, share the story behind why they started the firm and the major gaps they saw in the accounting industry. After years working in public accounting, they realized most business owners were only getting tax preparation, not true financial strategy that aligned with their long-term goals.

If you’ve ever wondered whether you’re making smart financial decisions in your business or simply reacting every tax season, this episode will completely shift the way you think about money strategy.

Tune in to hear:

• Why traditional accounting firms often fail business owners
• The difference between tax preparation and true tax strategy
• How cash flow issues prevent businesses from scaling
• Common “hidden cash leaks” hurting profitability
• Why agency owners often look profitable but still struggle financially
• The importance of understanding pricing and operational efficiency
• Financial mistakes entrepreneurs make when taking money out of their business
• Why clean financials matter for loans, investing, and scaling
• How multi-state taxes and compliance become more complicated as businesses grow
• The connection between personal finances and business finances
• Why women need more open conversations around money and wealth
• Red flags to watch for with over-promised tax strategies and aggressive write-offs
• How long-term wealth and legacy planning should shape tax decisions
• Why financial literacy matters at every stage of business growth

Connect with Andrea & Emily:

• Book a Free Assessment: Text "Tax" to +1 (951) 618-4015
• 5 Cash Leaks and 5 Tax Deductions Draining Your Business: https://www.thorneadvisors.com/cashleaks
• Website: https://www.thorneadvisors.com/ 
• IG: https://www.instagram.com/THORNEADVISORS