I started an LLC in Jacksonville Florida buying and selling land that is making money, but I dont know how to pay myself. Should I just use all of the.profit to reinvest in the business? What happens tax wise If I start to pay myself? I appreciate any input you have.
@Carolyn Morales Find a good CPA and ask them this question. Much like "any" professional you are bound to get different answers, including out here. Find a CPA that invests in properties to learn how they can help save you $$$.
Best of luck to you - Jack
@Carolyn Morales - Congrats on starting your real estate investing AND being profitable! There's never one right tax answer because of your personal situation and how the entity is currently set up.
Definitely reach out to one of the experienced and qualified CPAs/EAs that post/lurk/contribute. There are a few of us who invest as well and deal almost solely with real estate investors.
Best of luck finding a strategy that minimizes tax for you!
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