Know Your Numbers

In this episode of the Know Your Numbers, REI podcast, host Chris McCormack, CPA and Certified Tax Planner, discusses the powerful tax-saving potential of depreciation beyond just real estate. Chris shares the stories of two high-income clients in the medical field who saved over $200,000 in taxes by leveraging depreciation on equipment and machinery. Learn how proactive tax planning and understan...

In this episode of the Know Your Numbers REI Podcast, host Chris McCormack breaks down why entity structuring is one of the most powerful tax-saving strategies for real estate investors and business owners. Using a real-world case study, Chris reveals how a client facing a massive tax bill on nearly $1 million in profits was able to legally reduce their taxes by $58,000 through smart entity struct...

In this episode of the Know Your Numbers REI Podcast, host Chris McCormack discusses the power of proactive tax planning and the potential of cost segregation to save thousands of dollars in taxes. Chris shares a real-life case study of a real estate investor who was able to significantly reduce a $300,000 tax bill through strategic tax planning. He emphasizes the importance of taking immediate ac...

In this episode of the Know Your Numbers, REI Podcast, hosted by Chris McCormack, we delve deep into tax planning for high-income earners who exceed the contribution limits for Roth IRAs. Chris explains the benefits of a Roth IRA and introduces the 'Backdoor Roth IRA' strategy as an effective means to build tax-free wealth for retirement. Learn about specific income thresholds, contributio...

In this episode of the Know Your Numbers, REI podcast, host Chris McCormack discusses the recent NBA betting scandal involving prominent figures like Terry Rozier and Chauncey Billups. He delves into the tax implications of gambling winnings and losses, addressing how they impact one's tax returns. Chris also gives a historical overview of gambling legalization in the US, from Nevada's 193...

In this episode of the Know Your Numbers REI podcast, host Chris McCormack interviews financial expert Chris Miles, founder of Money Ripples, a company he established after working as a traditional financial advisor. He is known as the "anti-financial advisor" and the "Cash Flow Expert" for his focus on helping entrepreneurs and professionals generate multiple passive income st...

Welcome back to the Know Your Numbers REI Podcast with your host, Chris McCormack! As we enter the holiday season, we're diving deep into a crucial topic that can make or break your business: THE 5 BIGGEST PROFIT KILLERS. Profit is the oxygen of your business — without it, your business can’t survive. In this episode, Chris reveals the most common mistakes that silently destroy profitability a...

In this episode of the Know Your Numbers, REI podcast, host Chris McCormack delves into top tax-saving strategies to implement before year-end for real estate professionals and business owners. Learn how to solidify your real estate professional status, leverage short-term rental qualifications, and implement cost segregation for significant tax benefits. Chris also shares insights on getting your...

In this episode of the Know Your Numbers REI podcast, host Chris McCormack delves into the intricate world of cryptocurrency and its significant tax implications. He begins discussing the famous story of the Bitcoin pizza and transitions into an analysis of current trends in the cryptocurrency market, which has seen substantial increases in value. Real-world examples highlight both the potential g...

In this episode of the Know Your Numbers REI Podcast, host Chris McCormack delves into the critical importance of bookkeeping for avoiding IRS audits. Chris explains the misconceptions about not needing to report income without receiving a 1099 and the pitfalls of disregarding transactions from platforms like Venmo and PayPal. He emphasizes the need for a solid bookkeeping foundation to ensure acc...

In this episode of the Know Your Numbers, REI Podcast, host Chris McCormack breaks down one of the biggest questions in real estate investing; what really counts as a repair, and what’s a capital improvement? Chris explains why understanding the difference can save you thousands in taxes and how to correctly categorize expenses to comply with IRS guidelines and avoid costly mistakes while maximizi...

Join Chris McCormack on the Know Your Numbers, REI podcast as he delves into critical IRS audit triggers and how to avoid them. Learn about the advanced technological systems used by the IRS to track your tax returns, detect red flags such as repeated business losses, unreasonable compensation, mismatched income reports, questionable deductions, and improper use of real estate professional status....

In this episode of the Know Your Numbers REI podcast, host Chris McCormack is joined by Jennifer Barner, founder of Lighthouse Ventures, to discuss her journey in real estate investing. Jennifer shares her transition from single-family home flipping to managing a multi-family real estate syndicate with over 1,100 doors. She highlights the financial realities of multifamily investing, the importanc...

In this episode of the Know Your Numbers REI podcast, host Chris McCormack welcomes special guest Jennifer Aube, a Certified Financial Planner, Certified Kingdom Advisor, and Chartered Financial Consultant who combines financial expertise with a deep passion for faith-driven leadership. She is pursuing her PhD in Organizational Leadership, where she focuses on leadership, followership, and organiz...

Welcome back to the Know Your Numbers, REI podcast with your host Chris McCormack, the founder of Better Books. In this episode, Chris discusses the importance of understanding tax deductions, wrapping up a seven-part series on significant tax-saving strategies. Chris dives deep into the intricacies of tax deductions, how to maximize them, and common mistakes people make that lead to overpaying. H...

Welcome to the Know Your Numbers REI Podcast! In this episode, host Chris McCormack continues the series on the seven deadly tax traps that entrepreneurs often fall into. Today, we dive into the often-overlooked benefits of using life insurance as a supplement to your retirement plan. As many business owners and real estate investors find themselves phased out of tax-advantaged accounts like Roth...

In this episode of the Know Your Numbers REI podcast, host Chris McCormack dives deep into the often-overlooked topic of tax traps that many Americans, especially business owners and real estate investors, fall into. Are you doing your own taxes? You might think you're saving money, but you could be missing out on significant tax savings and opportunities. Chris explains the crucial difference...

Welcome to the Know Your Numbers REI Podcast! In this episode, host Chris McCormack, a CPA and certified tax planner, dives deep into the critical topic of entity structuring for business owners and real estate investors. Are you aware of the tax traps that could be costing you thousands? Chris discusses the importance of setting up the right entity structure to protect your assets and maximize ta...

Welcome to the Know Your Numbers REI Podcast! In this episode, host Chris McCormack dives into the third of seven costly tax mistakes that many real estate investors and business owners make: ignoring depreciation. Chris, a CPA and certified tax planner, explains how leveraging depreciation can significantly reduce your tax burden and enhance your investment returns. He shares real-life examples,...

Welcome back to the Know Your Numbers REI podcast! In this episode, host Chris McCormack dives into the second costly mistake people make regarding their taxes: treating a brokerage account like a retirement plan. Join us as we explore the implications of investing in brokerage and cryptocurrency accounts without considering the tax consequences. Chris shares personal experiences and insights from...

Welcome to the Know Your Numbers REI Podcast! In this episode, host Chris McCormack dives into the first part of a new series focused on the seven areas where people often overpay in taxes. Discover how to be more strategic in your financial approach and learn about common tax mistakes that could be costing you thousands. Chris shares insights on how different income types are taxed, comparing hig...

Welcome to the Know Your Numbers REI Podcast! In this episode, host Chris McCormack, founder of Better Books, dives deep into the often-overlooked benefits of insurance from a tax perspective. Are you an entrepreneur, investor, or business owner feeling overwhelmed by taxes and accounting? Chris shares valuable insights on how to turn insurance from a mere expense into a powerful financial tool. D...

In this episode of the Know Your Numbers, REI podcast, host Chris McCormack delves into the recent changes in tax laws and their implications on tax brackets. Chris discusses the importance of planning and strategizing around taxes to avoid unnecessary burdens, especially given the new permanent lower tax brackets. This episode offers a detailed explanation of how progressive tax systems work, exa...

Welcome to the Know Your Numbers REI podcast! In this episode, host Chris McCormack, founder of Better Books and a certified tax planner, dives deep into the recently passed law regarding Qualified Small Business Stock (QSBS) and its implications for small business owners and investors. Whether you're a small business owner contemplating a sale or an investor looking to maximize your returns, this...

In this episode of the Know Your Numbers REI podcast, host Chris McCormack dives deep into the recent changes in U.S. tax law following the passage of a significant piece of legislation on July 4, 2025. This episode focuses on two crucial sections—70301 and 70302—pertaining to full expensing of business property and immediate expensing of research and development costs. Chris explains how the rein...