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All Forum Posts by: Elizabeth Moore

Elizabeth Moore has started 1 posts and replied 2 times.

I would like to flip houses. Once the house sells if it's under a year I don't have to pay capital gains taxes but would have to pay self employment tax and income tax with just an LLC. If there is an S Corp election on that LLC it can pass through that and I would just have to pay tax on my designated income salary and the rest can be pocketed as dividends.

Hello, I hear that choosing an S Corp election on an LLC is the way to go to avoid extra taxes like self employment tax. I already have an LLC. Do I need a CPA to file this election for me?