Know Your Numbers

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...

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...