New Flipper - need advice and help on how to best manage taxes

[Serge Velet]

Hello all.  I am new to flipping and I am nearing the completion of remodeling my first property.  After this property my hope is to do 2 or 3 property remodel and flips within a single year.  I'm an engineer by training so I do very well with running calculations and making projections and working with my budget.  The hardest part for me is figuring out how the taxes will work if I do flip 2 or 3 properties a year.  I can't really get a clear visual whether it will be profitable or not since taxes are such a huge part of the equation.

Can any flippers that have a proven track record and do quite a few properties in 1 year get with me and give me a rundown what keeps you profitable and keeps most $$$ in your pocket per flip, especially regarding how you handle taxes for this.

Otherwise, looking for a great CPA that knows their game in real estate flipping and that can help me run through various scenarios, so that I could dial in my potential flip targets and see where I am getting most bang for my buck as far as remodel costs, closing costs, realtor costs, and taxes.

[Basit Siddiqi]

@Serge Velet

Flippers are responsible for paying Federal Taxes, Self-Employment Taxes, and State taxes.

An accountant's goal is to make your net income as low as possible which results in the least amount of taxes.

Some expenses available to flippers are
Home office, Tools, Mileage, Health Insurance costs, Retirement Contributions

Best of luck