Taxes on Flip Profit
I have just gone into contract on my latest flip and will be making nice profit of around $350K! This is our largest profit yet and wanting some input on ways to save on taxes. We have a CPA but looking for other ideals on this matter.
Our company is set up as a LLC and taxed as a S Corporation. How does the profit get taxed and at what rate? I believe it is ordinary income and taxed at my personal income tax rate. If I draw a salary of $100K can the extra $250K stay in the company tax free to be reinvested in the next flip? Is there a time frame that the money needs to be reinvested?
Looking forward to everyone's input!