Know Your Numbers

In this episode of the Know Your Numbers REI podcast, host Chris McCormack delves into the crucial topic of real estate professional status. He highlights how this strategy can help real estate investors offset passive losses with active income from other sources, such as W-2 income or business earnings. Chris emphasizes the significance of understanding the qualifications for real estate professi...

In this episode of the Know Your Numbers REI podcast, host Chris McCormack, CPA and Certified Tax Planner at Better Books, delves into the IRS's "dirty dozen" list—a compilation of schemes the IRS warns taxpayers to be cautious about. Chris emphasizes the importance of seeking vetted and reliable advice to navigate the complexities of tax regulations and avoid potential pitfalls. He highlights the...

In this episode of the Know Your Numbers REI podcast, host Chris McCormack, a CPA Certified Tax Planner and Founder of Better Books Accounting, shares five essential strategies to implement before the year-end to reduce tax stress and keep more money in your pocket. Chris emphasizes the importance of getting your books in order as the first strategy. He explains how disorganized financial records...

In this episode of the Know Your Numbers REI podcast, host Chris McCormack delves into a compelling case study of a high-income earner in the medical field—a doctor earning approximately $700,000 annually. He tackles the challenges faced by high-income earners regarding tax liabilities, particularly how taxes can significantly diminish their hard-earned income. Chris shares insights on how his tea...

In this episode of the Know Your Numbers REI podcast, host Chris Cormack, a CPA and tax planner, discusses the critical topic of bookkeeping for real estate investors and business owners. He highlights four essential mistakes to avoid when handling your own bookkeeping. While Chris acknowledges that many entrepreneurs choose to manage their own books, he emphasizes the potential risks and costs as...

Dave Ramsey's approach to finances is deeply intertwined with his faith, which serves as the foundation for his financial philosophy and practices. He openly shares his religious convictions, particularly his relationship with Jesus Christ, and emphasizes the importance of applying biblical principles to financial management. This perspective extends beyond personal finance; it fosters a sense of...

Poor money management is one of the most prevalent pitfalls that entrepreneurs face, especially those who are just starting out or are in the growth phase of their business. Despite generating significant revenue, many entrepreneurs find themselves in financial distress due to ineffective financial habits. This can lead to severe consequences, including bankruptcy, insolvency, or the need to retur...

In this episode of the Know Your Numbers REI podcast, host Chris McCormack delves into the critical topic of tax policy as it relates to the upcoming presidential election. With a focus on current Vice President Kamala Harris, who is running as a Democratic candidate, Chris examines the various discussions surrounding her tax proposals. Chris highlights the importance of understanding the impact o...

In this episode of the Know Your Numbers REI podcast, host Chris McCormack dives into the compelling reasons why short-term rentals are particularly advantageous for W-2 earners. He discusses the growing popularity of short-term rentals, emphasizing the importance of ensuring that investments generate positive cash flow and a solid return. Chris highlights the significant tax benefits associated w...

In this episode, host Chris McCormack, founder of Better Books, CPA, and certified tax planner, dives deep into a critical topic that affects many individuals and businesses: going into debt to the IRS. Are you feeling overwhelmed by tax season or struggling with financial planning? You're not alone! Many people find themselves in debt to the IRS due to bad accounting, poor advice, and lack of...

In this episode of the Know Your Numbers REI podcast, host Chris McCormick, a CPA and Certified Tax Planner at Better Books, delves into the crucial topic of taxation sources and their impact on your tax bill. He emphasizes the importance of understanding how income is received, highlighting that the method of income receipt can significantly influence tax liability. Using Warren Buffett as a prim...

Welcome to the Know Your Numbers REI Podcast! In this episode, host Chris McCormick, CPA and Certified Tax Planner at Better Books Accounting, dives deep into a crucial topic for short-term rental investors: the biggest tax mistake that could cost you thousands of dollars. Are you aware of the correct tax treatment for your short-term rental? Many investors and even accountants make the mistake of...

Welcome to the Know Your Numbers REI podcast! In this episode, host Chris McCormack sits down with Barrett Linburg, co-founder of Savoy Equity Partners, to discuss the intricacies of investing in Opportunity Zones within the real estate market. Barrett shares his expertise in utilizing the Opportunity Zone tax structure to maximize real estate investments, particularly in the Dallas, Texas region....

Cash value life insurance can be a valuable tool for certain individuals, but it is essential to understand that it is not suitable for everyone. In this episode of the Know Your Numbers REI podcast, host Chris McCormack emphasizes the importance of making informed decisions when considering cash value life insurance. He highlights that while this strategy can offer tax benefits and serve as a sav...

Meeting with a qualified tax professional is crucial to avoid common tax deduction mistakes. In this episode of the Know Your Numbers REI podcast, Chris McCormack, a CPA and Certified Tax Planner, delves into the top five write-off mistakes that many people make and provides valuable insights on how to avoid them. With a focus on bringing confidence to American investors and business owners, Chris...

In this episode of the Know Your Numbers REI podcast, host Chris McCormack, a CPA and Certified Tax Planner, dives into the importance of entity structure for real estate investors, specifically focusing on LLCs and partnerships. Chris shares insights on the benefits of setting up an LLC, such as limiting liability, separating business and personal finances, and gaining credibility as an investor....

Are you tired of feeling overwhelmed by taxes and unsure of how to navigate the complex tax system? Look no further than the latest episode of the Know Your Numbers REI podcast with host Chris McCormack. In this episode, Chris McCormack, a CPA and certified tax planner, delves into why taxes are the biggest expense of our lifetime and what you can do about it. Chris discusses the various categorie...

Real estate professional status allows investors to offset passive losses with active income, but it requires meticulous record-keeping and a minimum of 750 hours in real estate-related activities. Chris shares real-life examples and insights on how to ensure you meet the IRS requirements and avoid potential pitfalls. In this episode of the Know Your Numbers REI podcast, host Chris McCormack discu...

In this episode of the Know Your Numbers REI podcast, host Chris McCormack dives into the crucial topic of debt, specifically focusing on the tax implications of refinancing in real estate investing. He emphasizes the importance of proper record-keeping and categorization to avoid unknowingly paying taxes on debt that should be non-taxable. Chris shares real-life examples of investors who faced ta...

In this episode of the Know Your Numbers REI podcast, host Chris McCormack discusses the frustration that many individuals feel around taxes in the U.S. He highlights the impending increase in tax rates expected by the end of 2025 due to changes stemming from the Tax Cuts and Jobs Act passed in 2017. He discusses how to navigate these upcoming tax changes and reduce the amount they hand over to th...

Oil and gas investing presents a compelling opportunity for investors seeking to diversify their portfolios and potentially achieve high returns. As highlighted in the podcast episode, one of the primary advantages of oil and gas investing is its potential for significant returns. By investing in these essential commodities, investors can capitalize on the ongoing demand, making oil and gas invest...

Real estate professional status is a valuable tax strategy that enables individuals to offset losses from rental real estate against their active income. By qualifying as a real estate professional, individuals can utilize these losses to reduce their taxable income, particularly beneficial for those with high W-2 or business income. In this episode of the Know Your Numbers REI podcast, host Chris...

In this episode of the Know Your Numbers REI podcast, host Chris McCormack delves into tax strategies, news, and insights for real estate investors and business owners. The focus is on helping those frustrated with the amount of taxes they pay to gain confidence and understanding in tax knowledge. Chris addresses the different tax implications for various industries within real estate investing, s...

Finding a specialized tax advisor experienced in your industry is crucial for proper tax planning and compliance. Just as you would seek a surgeon specialized in a specific medical procedure, finding a tax advisor with expertise in your industry ensures tailored advice and strategies aligned with the complexities of your business. In this episode of the Know Your Numbers REI podcast, host Chris Mc...

In this episode of the Know Your Numbers REI podcast, host Chris McCormack, a CPA and Certified Tax Planner, delves into the crucial topic of documentation in real estate accounting and tax planning. He emphasizes the importance of proper documentation in protecting oneself against IRS audits and maximizing tax savings. Chris emphasizes the significance of documenting business activities for real...