2019-2020 Taxes on Wholesaling

[Jonathan Newsome]

I started wholesaling this year under an LLC. I've been setting aside a percentage of my wholesale checks specifically for tax purposes. I'm also a w-2 earner, being employed by the US Military, which makes me a part-time wholesaler (not that it matters in the governments eyes)... Here's the break down of what I'm looking at:

To date My LLC has only generated $39,400 in revenue. I realize it's not much - haven't done more than a handful of deals...

Now, if I've done JV deals and paid out monies from the revenue that was generated (received by check in the LLC name), would I be responsible for taxes on the TOTAL amount generated or what was kept AFTER the payout? Out of that $39.4k - after the JV partners got paid, my LLC has actually made only $29,200 in total revenue. This was MY actual amount.

Going to talk about the w-2 wages now, as I don't mind talking sharing that info - military pay is public information any way. Total predicted wages for the 2019 year are $46,000. Total expected taxes withheld YTD are approx $2,200. Since profits made from wholesaling are counted towards ordinary income- would I be adding the $46k from my w-2 to the $39.4k (before JV payout) OR the $29.2k (after JV payout). Please understand that I'm aware there's more to it such as taking deductions like home office expenses, marketing, education, business mileage/trips, amortization, etc...

Also, when would it be wise to restructure as an S-corp, taking a w-2 salary from the corp?