Know Your Numbers

In this episode of the Know Your Numbers REI podcast, host Chris McCormack wraps up the series on Six Keys to Increasing Your Real Estate Revenue by discussing the importance of autonomous and accurate decision-making. By teaming up with the right professionals, you can free up time, reduce tax bills, and make confident decisions to grow your real estate portfolio. Chris shares real-life examples...

Investing in professional advice and teaming up with a qualified professional is crucial for real estate investors to reduce audit risk and avoid costly mistakes. The IRS is diligent in auditing individuals in the real estate industry due to the perceived tax benefits associated with it. Without the right knowledge and expertise, investors may unknowingly engage in practices that increase their au...

Investing in a tax plan is crucial for real estate investors to save on taxes and plan for the future. It is important to understand the significance of tax planning as a way to mitigate taxes and keep more money in the investor's account. Many real estate investors often rely on their CPAs to handle their taxes without a proactive tax strategy in place. This reactive approach can lead to payi...

Managing your real estate business effectively requires measuring and monitoring your performance through up-to-date bookkeeping and tracking the numbers. In a podcast episode, Chris McCormack emphasizes the importance of performance monitoring in real estate investing, highlighting the key concept that "you can't manage what you don't measure." This principle applies not only to...

Proper internal controls and regular processes are essential components for maintaining accurate financial records and implementing an effective tax strategy. Having internal controls in a real estate business establishes checks and balances, preventing errors, fraud, and mismanagement of funds. By following structured processes and procedures, real estate investors can manage their finances effec...

Clean accounting and bookkeeping are essential for the success of real estate investors, as they help eliminate chaos, errors, and unnecessary costs. Maintaining accurate financial records is the cornerstone of a successful real estate portfolio. Just as a secure foundation is crucial in building a house to prevent future issues, having organized accounting records is key to avoiding costly mistak...

In this episode of the Know Your Numbers REI podcast, host Chris McCormack discusses his six keys to real estate tax savings. He highlights potential changes in tax laws that could benefit investors and emphasizes the need to plan ahead for the rest of the year. With market uncertainties and rising costs, McCormack focuses on ways to increase cash flow in real estate investments. The episode delve...

In this episode of the Know Your Numbers REI podcast, host Chris McCormack interviews David Bahnsen, founder of the Bahnsen Group and author of "Full-Time: Work and the Meaning of Life." David discusses the importance of work and how it is ordained by God, emphasizing the significance of producing goods and services to meet the needs of humanity. He explores the idea of co-creating with...

In this episode of the Know Your Numbers REI podcast, host Chris McCormack interviews Aaron Letzeiser, the co-founder and COO of OBIE, a cutting-edge insurance and risk management technology platform for real estate investors in the United States. Aaron shares his journey from successful entrepreneur to real estate investor and venture partner. Discover how Aaron's frustration with lack of con...

In this episode of the Know Your Numbers REI podcast, host Chris McCormack discusses key considerations as we approach the end of quarter one of tax season 2024. He emphasizes the importance of proactive planning to reduce tax bills, minimize stress, and save more money. Chris highlights missed opportunities he often sees and stresses the significance of building strong relationships with your CPA...

Building trust through human interaction and service is essential in financial empowerment. In a podcast episode featuring Parker Purcell, the significance of human connection and service in the financial industry was emphasized. Parker stressed the importance of winning hearts before minds when it comes to leadership and relationship-building. He noted that people are not robots; they are complex...

In this insightful episode of the Know Your Numbers REI podcast, host Chris McCormack covers the five common bookkeeping pitfalls to avoid, including the consequences of not keeping up with bookkeeping, failing to utilize software, procrastination, the importance of delegating, and the significance of properly categorizing transactions in the real estate industry. Tune in to learn how neglecting b...

In this episode of the Know Your Numbers REI podcast, host Chris McCormack discusses the topic of syndications in real estate investing. Syndications are group-funded investment projects that target larger commercial properties. Chris addresses common questions about syndications and explains how they differ from smaller residential properties like duplexes or quadplexes. Learn how syndications di...

In this episode of the Know Your Numbers REI podcast, host Chris McCormack delves into the controversial marketing techniques used by TurboTax. He shares insights on how these strategies impact customers and the financial world. Chris highlights the limitations of relying solely on tax software, such as TurboTax, which may guarantee an accurate tax return but overlooks proactive tax planning. He e...

In this episode of the Know Your Numbers REI podcast, host Chris McCormack, a CPA and founder of Better Books Accounting and Tax Planning, discusses the importance of understanding tax buckets for real estate investors and business owners. He emphasizes the value of aligning with the right tax professional to navigate the tax code effectively, reduce overpayments, and build a strong relationship w...

Tax rates are a crucial factor to consider when planning for retirement. In this episode of the Know Your Numbers REI podcast, David McKnight, author of the bestselling book "The Power of Zero" shares his expertise in helping thousands of Americans achieve the 0% tax bracket. Emphasizes the importance of recognizing that tax rates are likely to increase in the future due to the growing n...

In this episode of the Know Your Numbers REI podcast, host Chris McCormack discusses the power and possibilities of using retirement accounts, specifically the Roth IRA. He shares a powerful story that highlights the benefits and considerations of utilizing retirement accounts for financial planning. Chris emphasizes that everyone's financial goals and circumstances are unique, and encourages...

In this episode of the Know Your Numbers REI podcast, host Chris McCormack discusses the importance of proactive tax planning for real estate investors. He highlights the difference between tax planning and other service offerings in the market and emphasizes the frustration that many investors face due to a lack of proactive tax planning. Chris is dedicated to providing listeners with the insight...

In this episode of the Know Your Numbers REI podcast, host Chris McCormack, a CPA and Certified Tax Planner, delves into a topic that is relevant to all real estate investors: what happens to your taxes when you die. While it may not be a pleasant topic, it is important to understand the implications and plan accordingly. Chris provides clarity and guidance on navigating the confusing waters of th...

In this episode of the Know Your Numbers REI podcast, host Chris McCormack discusses the misconception that tax advice is a one-size-fits-all solution. With the rise of social media influencers and the influx of financial advice, it's crucial for real estate investors to be aware of the potential pitfalls of generic tax advice. Chris emphasizes the importance of personalized tax planning and h...

In this episode of the Know Your Numbers REI podcast, host Chris McCormack discusses important things to be aware of as we approach the 2024 tax year. With recent changes to the tax law and ongoing efforts by the government to generate revenue and incentivize economic investment, it's crucial for real estate investors to stay informed. Chris highlights the proactive planning and strong client...

In this episode of the Know Your Numbers REI podcast, host Chris McCormack dives into the controversial subject of overpaying taxes. He explores whether it makes you a good citizen to overpay on taxes and presents three compelling reasons why it does not. From discussing the impact of overpaying on your ability to serve others to the lack of accountability in government offices and the questionabl...

Are you considering placing your real estate assets in an S Corporation? Hold off before making that decision! In this episode of the Know Your Numbers REI podcast, host Chris McCormack, CPA, MBA, and Certified Tax Planner, delves into the reasons why putting your real estate in an S Corporation might not be the best choice for you. From tax implications to legal complexities, he breaks down the c...

In this episode of the Know Your Numbers REI podcast, host Chris McCormack interviews Julie Roy, a seasoned business leader and an experienced real estate investor with several multi-million dollar exits. Julie shares her wealth of knowledge on building wealth, saving on taxes, and achieving your dreams. 📚💰 She also discusses her experiences in building and selling businesses, as well as her str...

Are you worried about making mistakes with your taxes? No stress – our latest video is here to guide you through the essential steps to help you keep more of your hard-earned money. Taxes can be tricky, but we break it down in plain language, making it easy to understand and apply. In this episode of the Know Your Numbers REI podcast, Chris McCormack, an MBA, CPA, and a Tax Expert in the real esta...