Hi all. Sorry if this is not in the right place.
I have just started an LLC. I believe it to be considered a Sole Proprietorship; the LLC is comprised of only me. I have no partners, no officers, and no employees. I run the business out of my house.
My question is regarding whether or not I am allowed to take some money that the business makes, and put it directly back into the business, without that money being subject to tax. Not being sure if such a thing even exists is the reason I am here. So, let's say that in 2014, the business profits $100,000. Would I be able to take a portion of that - say, $30,000 - put it directly back into the business with the intention of growing the business, and then pay tax only on the remaining $70,000?
Not sure if the question is too ambiguous, and/or if more info would be required for a proper answer. If I need to provide more info, I can.
Thanks in advance.