How can I minimize what I’m paying for taxes on flipping homes?

[Simon Obas]

Peace. I flipped my first home last month and plan on flipping more homes this year (yay). But I'm hearing the IRS is going to kill me with a tax bill (capital gains). I have an LLC but I'm hearing I should switch to an S Corp. I obviously don't want to owe uncle Sam a large amount of cash. Does anyone have any advice on how to minimize the amount of taxes I can pay as a home flipper?

[Eamonn McElroy]

Please speak to a competent tax advisor regarding the holistic pros and cons of an S Corp.

I see way too much prospects in S Corps that they shouldn't be in.  They only consider the SE tax savings, not the other dynamics, and that conversation is always eye opening for them.