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Hiring an accountant
Most of the accounting that applies to house flipping consists of simple addition and subtraction. Add up the total cost of buying, renovating, and selling the house, and then subtract it from the amount you receive when you sell the house. If you come up with a positive number, you made money.
Unfortunately, reality is a little more complex, and having a professional accountant on call can help you avoid unnecessary expenses and legal woes. This person can take all your money and receipts out of your shoebox, sort them, and figure out whether you made any money. If you did make money, the accountant can calculate the amount of tax you owe. An experienced accountant also delivers the following services:
Saves you money on income tax while remaining in compliance with complex IRS tax laws. Section 179 of the IRS tax law is a good example: It states that if you qualify, you can expense as much as $25,000 of a vehicle if it weighs between 6,000 and 14,000 pounds. I did this in 2015 to take advantage of Section 179. I was able to write off and depreciate $25,000 of the total cost of the vehicle in the first year, giving me a large savings on taxes. These opportunities are out there for you to take advantage of if you are (or your accountant is) savvy enough to catch them. (See ssss1 for more about tax issues.)