Know Your Numbers

Are you making significant money in your business but giving away more of your profit in taxes than necessary? In this episode of the Know Your Numbers podcast, Chris McCormack explains why digital entrepreneurs, solopreneurs, and high-income business owners need to review their tax strategy before the end of the year. From understanding your tax brackets to choosing the right business entity and...

Before the year ends, are you making the right financial decisions to reduce taxes, protect your cash, and build long-term wealth? In this episode of the Know Your Numbers podcast, Chris McCormack breaks down five financial decisions every business owner, real estate investor, and high-income earner should review before year-end. You'll learn why your taxable income is not the same as your ban...

Is debt helping you build wealth—or putting your business and financial future at risk? In this episode of the Know Your Numbers podcast, Chris McCormack breaks down the difference between good debt and bad debt and shares four important tests to consider before borrowing money. Learn how to evaluate the return on your debt, determine whether an investment can generate enough cash flow to cover it...

What should you do when your business suddenly has extra cash? Save it, pay down debt, invest it, or reinvest it into your business? In this episode of the Know Your Numbers podcast, Chris McCormack shares a practical framework for deciding how to use extra cash without putting your business or financial future at risk. Learn why building 3–6 months of operating reserves, setting aside money for t...

Is your financial planner also handling your tax planning? Not necessarily. In this episode of the Know Your Numbers podcast, Chris McCormack breaks down the difference between financial planning and tax planning, why both are important, and how they can work together to improve your overall financial strategy. Chris explains how financial planners can help with investments, retirement accounts, s...

Do you really know the numbers that determine the financial health of your business? In this episode of the Know Your Numbers Podcast, Chris McCormack breaks down 7 financial numbers every business owner should know—including tax rate, profit and profit margin, break-even revenue, liquidity and runway, tax basis, cash flow vs. profit, and goal revenue/profit. Understanding these numbers can help y...

If you own an S corporation, Q4 is the time to get your tax planning right. In this episode of the Know Your Numbers Podcast, Chris McCormack explains why S-corp owners need to pay close attention to reasonable salary, payroll timing, the QBI deduction, employee benefits, depreciation, and year-end business expenses before December 31. Chris also explains how paying yourself too little or paying y...

Think it's too late to save on taxes this year? Think again. In this episode of the Know Your Numbers Podcast, Chris McCormack continues the September Q4 Tax Planning Series and explains why the fourth quarter can be one of the most important opportunities for real estate investors and business owners to take action before the year ends. One of the biggest topics in this episode is cost segreg...

Are you waiting until tax season to think about taxes? That could be costing you thousands. In this episode of the Know Your Numbers Podcast, Chris McCormack kicks off a brand-new Q4 Tax Planning Series and explains why the fourth quarter is the single most important time of year for business owners, real estate investors, and high-income earners to legally reduce their tax bill. You'll discov...

Could your tax return trigger a closer look from the IRS? In this episode of the Know Your Numbers REI Podcast, Chris McCormack breaks down 5 IRS audit red flags that business owners, entrepreneurs, and real estate investors should understand. The goal isn't to scare you—it's to equip you with knowledge so you can better understand what the IRS looks for, properly document your deductions,...

Are you waiting until tax season to start thinking about taxes? That could be costing your business money. In this episode of the Know Your Numbers Podcast, Chris McCormack breaks down the quarterly tax planning system used at Better Books to help business owners, real estate investors, and high-income earners take a more proactive approach to taxes. Tax planning isn't something that should on...

What if one day of rest each week could actually make you better at business? In this episode of the Know Your Numbers Podcast, Chris McCormack explores a financial and life system that goes all the way back to the beginning of Scripture: the Sabbath. In a culture that constantly tells entrepreneurs to work harder, achieve more, make more money, and stay connected 24/7, the Sabbath offers a radica...

What if your business is making more money, but you’re still not keeping any of it? In this episode of the Know Your Numbers Podcast, Chris McCormack sits down with David Richter, founder and CEO of Simple CFO and author of Profit First for Real Estate Investing, to break down the financial systems that help business owners take control of their cash. David shares his journey from working in real...

In this episode of the Know Your Numbers Podcast, Chris McCormack kicks off a brand-new series on business systems by breaking down the financial systems every entrepreneur should implement before focusing on tax planning. Many business owners struggle with cashflow, bookkeeping, budgeting, and financial decision-making not because they aren't making money, but because they lack systems. Learn...

Can you legally pay ZERO income tax? Most business owners assume the answer is no, but the U.S. tax code offers powerful strategies that can dramatically reduce taxes when used correctly. In this episode of the Know Your Numbers Podcast, Chris McCormack concludes the Freedom Series by breaking down how entrepreneurs, investors, and high-income earners can build tax-free wealth using proven tax pla...

Is your business creating freedom or financial chaos? In this episode of the Know Your Numbers Podcast, Chris McCormack shares four proven financial systems that help business owners regain control of their money, reduce stress, and build a business that works for them. Learn why monthly bookkeeping, YNAB (You Need A Budget), Profit First, and regular financial reviews can transform your cash flow...

Are you building a business or has your business started controlling you? In this episode of the Know Your Numbers Podcast, Chris McCormack reveals the financial systems that help entrepreneurs escape the stress of living paycheck to paycheck and build lasting financial freedom. Learn why emergency funds matter, where business owners should invest first, how retirement and Roth strategies fit into...

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...