Know Your Numbers

Are you paying yourself the wrong way as a business owner? That one mistake could be costing you thousands in unnecessary taxes and even increase your IRS audit risk. In this episode of the Know Your Numbers Podcast, Chris McCormack kicks off the Freedom Series by revealing the 5 most common compensation mistakes that keep business owners, entrepreneurs, and real estate investors from achieving tr...

Can generosity actually make your business more profitable? Ryan Skoog reveals how purpose-driven leadership has helped rescue thousands from human trafficking, feed millions, and transform businesses around the world. In this episode of the Know Your Numbers Podcast, Chris McCormack and Ryan discuss the Business for Good movement, meaningful work, faith-driven entrepreneurship, employee engagemen...

In this episode of the Know Your Numbers Podcast, CPA and Certified Tax Planner Chris McCormack walks business owners, entrepreneurs, and investors through a step-by-step guide to running a mid-year tax projection so you can estimate your tax bill, avoid costly surprises, and uncover opportunities to legally reduce your taxes before year-end. Many business owners wait until tax season to find out...

Mid-year bookkeeping mistakes can quietly turn into expensive tax problems at year-end. In this episode of the Know Your Numbers podcast, we break down the warning signs of messy books, just like a strange noise in your car means it’s time to visit a mechanic. If your financial reports or bank accounts don’t line up, it’s not something to ignore; it’s a signal that cleanup is needed. We cover the...

Are you making costly tax mistakes halfway through the year without even realizing it? In this episode of the Know Your Numbers Podcast, Chris McCormack breaks down the 5 biggest mid-year tax and bookkeeping mistakes that can lead to surprise tax bills, missed deductions, cash flow issues, and unnecessary stress for business owners and investors. You'll learn why up-to-date bookkeeping is crit...

Why do billionaires like Elon Musk, Jeff Bezos, Warren Buffett, and Mark Zuckerberg often pay lower tax rates than many employees? In this episode of the Know Your Numbers Podcast, Chris McCormack breaks down the legal tax strategies wealthy individuals use to build and protect their wealth and why ownership is the key to long-term financial success. Chris explains how billionaires generate wealth...

In this episode of the Know Your Numbers Podcast, Chris McCormack breaks down California’s proposed Billionaire Tax and explains why many believe it could reshape business, investing, entrepreneurship, and the future of the American economy. Chris explores how wealth taxes could impact economic growth, job creation, business investment, and government spending while also discussing concerns around...

Most people think giving property to their kids early is a smart move… until they realize it could trigger a massive tax bill. In this episode of the Know Your Numbers REI Podcast, Chris McCormack breaks down one of the biggest estate planning mistakes families make-transferring real estate before death and losing the powerful “step-up in basis” tax advantage.  Learn how a simple decision could co...

In this episode of Know Your Numbers REI Podcast, Chris McCormack shares 5 bold changes he would make to the tax code, from flat taxes and eliminating property tax to removing Social Security and capital gains taxes. One of the biggest takeaways? Many people paying into Social Security today may never see the benefits they expect and that raises serious questions about how we plan for the future. ...

In this episode of Know Your Numbers REI Podcast, Chris McCormack breaks down the IRS’s “Dirty Dozen” the top tax scams, schemes, and red flags every taxpayer needs to know right now. From fake IRS calls and phishing emails to misleading social media tax advice and shady “too good to be true” tax strategies. These traps are catching more people than ever and the consequences can be serious. Here’s...

What if you could legally reduce a $300,000 tax bill down to just $60,000?  In this episode of the Know Your Numbers REI Podcast, Chris McCormack walks through a real client case study, giving a behind-the-scenes look at what it’s like to work with his team—from the first consultation all the way through tax filing and ongoing quarterly support. The case features a real estate investor earning app...

Are you thinking about paying your kids to save on taxes and build their future wealth? In this episode of the Know Your Numbers REI Podcast, CPA Chris McCormack breaks down one of the most talked-about tax strategies today: paying your children and funding a Roth IRA. While it can be powerful, doing it the wrong way could trigger audits, penalties, and major headaches with the IRS. We cover how t...

What if your business could create its own insurance company, protect assets, and potentially reduce taxes? In this episode of the Know Your Numbers REI Podcast, CPA Chris McCormack reveals how retroactive cost segregation can unlock massive tax deductions—even if you’ve owned your property for years. Most investors think it’s too late… but that’s not true. Learn how to: • Legally “catch up” misse...

What if your tax dollars aren’t being used the way you think they are? In this powerful episode of the Know Your Numbers REI Podcast, Chris McCormack breaks down a shocking reality: Government programs meant to help people are being abused—and taxpayers are footing the bill. From billions lost in fraud to a lack of accountability, this episode dives deep into how waste, fraud, and mismanagement ca...

What if increasing tax revenue is actually hurting society more than helping it? In this episode of the Know Your Numbers REI Podcast, Chris McCormack dives into a controversial topic: sports gambling legalization and its connection to tax policy. A recent report from the Tax Foundation suggests that legalizing sports betting across all 50 states could generate $1.6 billion in annual tax revenue....

What if your business could create its own insurance company, protect assets, and potentially reduce taxes? In this episode of the Know Your Numbers Podcast, Chris McCormack explores Captive Insurance, a powerful risk management and tax planning strategy used by many successful businesses. While large corporations have used captive insurance structures for years, more entrepreneurs are now discove...

What makes Bitcoin different from other cryptocurrencies—and why do some people believe it could reshape the future of money? In this episode of the Know Your Numbers Podcast, Chris McCormack talks with Bitcoin educator Brian Nibley about the fundamentals of Bitcoin, how it works, and why it continues to attract global attention. Brian shares insights from his experience working with fintech compa...

In this episode of Know Your Numbers, REI Podcast, Chris McCormack sits down with cost segregation expert Tom Brodie of Cost Segregation Services, Inc. to expose why most real estate investors — and even CPAs — get depreciation wrong. With over 60,000 studies completed nationwide, the reality is shocking: most property owners still don’t understand how powerful cost segregation can be. Discover ho...

In this powerful episode of the Know Your Numbers, REI Podcast, Chris McCormack sits down with historian Bill Federer to unpack the dramatic shift in U.S. government funding — from tariff-based revenue to the modern income tax system. You’ll discover: How the British East India Company and the Stamp Act helped spark the American Revolution Why tariffs once funded nearly 90% of the federal governme...

In this episode of the Know Your Numbers REI Podcast, Chris McCormack, founder of Better Books, breaks down major changes happening inside the Internal Revenue Service as we move into 2026, following workforce reductions after the 2025 inauguration and the efficiency push from the DOGE Commission. 👉 Here’s what you need to know: ✅ Smaller IRS workforce → Longer wait times & fewer specialty a...

Join host Chris McCormack on the Know Your Numbers, REI podcast as he breaks down the updates to tax brackets and taxable income for 2026. This episode covers the importance of maintaining clean financial records, understanding the U.S. progressive tax system, and leveraging tax brackets for maximum savings. Chris also explains the significance of the standard deduction, capital gains tax brackets...

In this episode of the Know Your Numbers REI Podcast, host Chris McCormack, founder of Better Books, dives into the nuances of converting a traditional IRA to a Roth IRA and discusses the benefits of Roth IRAs growing tax-free. He also explores the implications of Trump's Tax Cuts and Jobs Act, including the introduction of the Trump account, which offers a unique tax-saving opportunity for ch...

In this episode of the Know Your Numbers, REI podcast, host Chris McCormack, a Certified Tax Planner, dives into the IRS's recent alert about fraudulent tax schemes circulating on social media. Chris discusses the misuse of credits like the fuel tax credit and the sick/family leave credit, sharing tips on how taxpayers can protect themselves from falling prey to these scams.  Chris also emphas...

In this episode of the Know Your Numbers, REI podcast, host Chris McCormack, a certified tax planner and founder of Better Books, explores the potential move of the Chicago Bears from Illinois to Northwest Indiana due to high property and sales taxes. He discusses the broader implications of taxation on relocation decisions, both for large entities like the Bears and for individual taxpayers. Tune...

In this episode of the Know Your Numbers REI podcast, hosted by Chris McCormack, CPA, explores powerful strategies to reduce tax burdens for high-income earners. Chris discusses a real-life example of a doctor who saved $150,000 in taxes through depreciation, cost segregation, and the innovative use of leveraged charitable gifts. Learn how strategic tax planning can result in meaningful economic i...