Recommended accountant? And tax/income questions.

I am just getting started with the rehab business. I have had my first offer accepted and I’m heading towards a closing.
I’d like to know if anyone has a recommendation for a good accountant in Austin that is familiar with the real estate tax breaks and such.
Would also love to hear from you guys. Some things I have questions about are… is it better to become incorporated so that I am an “employee” of a company? What about writeoffs such as mileage, meals, educational books, etc… do you generally get a business credit card and just charge it all on there? Are there any books you would recommend I read on this subject? (not real estate, but moreso tax advantages to leverage when you will be pulling in this kind of turnover income for yourself personally).

I am doing this fulltime now. I expect to do between 3 and 5 rehabs this year. At present, no plans to hold any as rentals, so this will be large lump sums of money earned. I have never done this before and I am not familiar with the taxes at all. Maybe I should just read some of the IRS tax forms :slight_smile:

Point me in the right direction, please?



Welcome to the board. Sorry to keep your post unanswered for so long.

These two websites are the best places for all your tax questions.

Once you educate yourself at these sites it will be easy to find an accountant because you’ll know exactly what to ask.

As far as entities go, my advice is always the same. Do a few deals first, put some money in the bank, and then worry about setting up an entity.