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 
Point me in the right direction, please?
-Mike-