Know Your Numbers REI with Chris McCormack Chris McCormack

In this episode of the Know Your Numbers REI podcast, host Chris McCormack dives into the crucial topic of debt, specifically focusing on the tax implications of refinancing in real estate investing. He emphasizes the importance of proper record-keeping and categorization to avoid unknowingly paying taxes on debt that should be non-taxable.



Chris shares real-life examples of investors who faced tax issues due to improper categorization of refinancing and insurance policy loans. He highlights the significance of working closely with accountants and tax planners to ensure accurate bookkeeping and tax filings, ultimately saving investors from overpaying in taxes.



If you're a real estate investor looking to maximize tax benefits and grow your portfolio confidently, this episode provides valuable insights and practical advice. Tune in to learn how to leverage debt effectively in your real estate investments while avoiding unnecessary tax burdens.



Don't miss out on this informative episode of the Know Your Numbers REI podcast with Chris McCormack of Better Books Accounting. Listen now and empower yourself with the knowledge to make informed financial decisions in your real estate ventures.



••••••••••••••••••••••••••••••••••••••••••••••••••••••••• ➤➤ To become a client, schedule a call with our team or fill out a contact request form ➤➤ ⁠⁠⁠⁠⁠⁠https://www.betterbooksaccounting.co/contact⁠⁠⁠⁠⁠⁠ ••••••••••••••••••••••••••••••••••••••••••••••••••••••••• Connect with Chris McCormack on Social Media Facebook: ⁠⁠⁠⁠⁠⁠https://www.facebook.com/chrismccormackcpa⁠⁠⁠⁠⁠⁠ LinkedIn: ⁠⁠⁠⁠⁠⁠https://www.linkedin.com/in/chrismccormackcpa⁠⁠⁠⁠⁠⁠ Instagram: ⁠⁠⁠⁠⁠⁠https://www.instagram.com/chrismccormackcpa⁠⁠⁠⁠⁠⁠ Join our Facebook Group: ⁠⁠⁠⁠⁠⁠https://www.facebook.com/groups/6384369318328034⁠⁠⁠⁠⁠⁠

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The Know Your Numbers REI podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, or guests.



#Debt #Refinancing #RecordKeepingProcess #BRRRMethod #RelationshipWithAccountant  #TaxPlanning #ProperCategorization #TaxEfficiency #FinancialEducation #AccountingForRealEstateInvestors #RealEstateTax #RealEstateTaxTips #RealEstateInvestor #KnowYourNumbers #BetterBooks #ChrisMcCormack

In this episode of the Know Your Numbers REI podcast, host Chris McCormack discusses the frustration that many individuals feel around taxes in the U.S. He highlights the impending increase in tax rates expected by the end of 2025 due to changes stemming from the Tax Cuts and Jobs Act passed in 2017. He discusses how to navigate these upcoming tax changes and reduce the amount they hand over to the government each year.



Tune in to learn how you can proactively plan for the future tax changes, make informed financial decisions, and navigate the evolving tax landscape with confidence. Don't miss out on valuable tips to keep more money in your accounts and grow your business effectively.



Listen now and take control of your taxes to secure a brighter financial future! Tune in now and gain the knowledge you need to make informed financial decisions. Remember to leave a five-star rating and review if you find this episode helpful.


••••••••••••••••••••••••••••••••••••••••••••••••••••••••• ➤➤ To become a client, schedule a call with our team or fill out a contact request form ➤➤ ⁠⁠⁠⁠⁠https://www.betterbooksaccounting.co/contact⁠⁠⁠⁠⁠ ••••••••••••••••••••••••••••••••••••••••••••••••••••••••• Connect with Chris McCormack on Social Media Facebook: ⁠⁠⁠⁠⁠https://www.facebook.com/chrismccormackcpa⁠⁠⁠⁠⁠ LinkedIn: ⁠⁠⁠⁠⁠https://www.linkedin.com/in/chrismccormackcpa⁠⁠⁠⁠⁠ Instagram: ⁠⁠⁠⁠⁠https://www.instagram.com/chrismccormackcpa⁠⁠⁠⁠⁠ Join our Facebook Group: ⁠⁠⁠⁠⁠https://www.facebook.com/groups/6384369318328034⁠⁠⁠⁠⁠

→ → → SUBSCRIBE TO BETTER BOOKS’ YOUTUBE CHANNEL NOW ← ← ← ⁠⁠⁠⁠⁠https://www.youtube.com/@chrismccormackcpa⁠⁠⁠



The Know Your Numbers REI podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, or guests.



#TaxStrategies #TaxIncreases #TaxSpecialist #InvestingStrategies #RothConversion #EntityStructure #TaxPlanning #TaxRateHikes #AccountingForRealEstateInvestors #RealEstateTax #RealEstateTaxTips #RealEstateInvestor #KnowYourNumbers #BetterBooks #ChrisMcCormack

Oil and gas investing presents a compelling opportunity for investors seeking to diversify their portfolios and potentially achieve high returns. As highlighted in the podcast episode, one of the primary advantages of oil and gas investing is its potential for significant returns. By investing in these essential commodities, investors can capitalize on the ongoing demand, making oil and gas investments a lucrative addition to any portfolio.



In this episode of the Know Your Numbers REI podcast, host Chris McCormick explores alternative tax strategies beyond real estate investing. He delves into tax planning for high-income earners and accredited investors looking to minimize tax liabilities. Chris also focuses on a strategy tailored for individuals with substantial incomes and net worth, aiming to keep more money in their accounts and less in the hands of the U.S. government. Listen now to learn more about the valuable insights on maximizing tax benefits outside of traditional real estate investments.



Thank you for listening to the Know Your Numbers REI podcast. Stay informed, stay empowered, and keep moving forward towards financial success! Don't miss out on this informative episode! Tune in now and gain the knowledge you need to make informed financial decisions. Remember to leave a five-star rating and review if you find this episode helpful.



••••••••••••••••••••••••••••••••••••••••••••••••••••••••• ➤➤ To become a client, schedule a call with our team or fill out a contact request form ➤➤ ⁠⁠⁠⁠https://www.betterbooksaccounting.co/contact⁠⁠⁠⁠ ••••••••••••••••••••••••••••••••••••••••••••••••••••••••• Connect with Chris McCormack on Social Media Facebook: ⁠⁠⁠⁠https://www.facebook.com/chrismccormackcpa⁠⁠⁠⁠ LinkedIn: ⁠⁠⁠⁠https://www.linkedin.com/in/chrismccormackcpa⁠⁠⁠⁠ Instagram: ⁠⁠⁠⁠https://www.instagram.com/chrismccormackcpa⁠⁠⁠⁠ Join our Facebook Group: ⁠⁠⁠⁠https://www.facebook.com/groups/6384369318328034⁠⁠⁠⁠

→ → → SUBSCRIBE TO BETTER BOOKS’ YOUTUBE CHANNEL NOW ← ← ← ⁠⁠⁠⁠https://www.youtube.com/@chrismccormackcpa⁠⁠⁠



The Know Your Numbers REI podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, or guests.



#OilAndGasInvesting #EnergyDemand #AccreditedInvestor #HighReturnPotential #DiversifyYourPortfolio #InflationHedge #TaxBenefits #GreaterDemandForEnergy #HighIncomeEarners #IntangibleDrillingCosts #TangibleDrillingCosts #TaxDeductions #AccountingForRealEstateInvestors #RealEstateT

Real estate professional status is a valuable tax strategy that enables individuals to offset losses from rental real estate against their active income. By qualifying as a real estate professional, individuals can utilize these losses to reduce their taxable income, particularly beneficial for those with high W-2 or business income.



In this episode of the Know Your Numbers REI podcast, host Chris McCormack dives deep into the strategy of real estate professional status to help investors scale their businesses and increase ROI by minimizing taxes. By being well-versed in the tax code, investors can collaborate effectively with professionals like Chris to generate innovative tax-saving ideas. Tune in for valuable insights on leveraging tax strategies to confidently grow your real estate portfolio.



If you're curious about whether you qualify for real estate professional status or want to learn more about this tax-saving strategy, this episode is for you. Don't miss out on valuable insights that can help you pay less in taxes and confidently grow your real estate portfolio. For a free consultation to explore your eligibility for real estate professional status and tax-saving opportunities, click the link in the show notes to connect with Chris McCormack and his team. Follow to the podcast for more tax insights and strategies to boost your real estate investments. Let's save on taxes and keep moving forward together.



••••••••••••••••••••••••••••••••••••••••••••••••••••••••• ➤➤ To become a client, schedule a call with our team or fill out a contact request form ➤➤ ⁠⁠⁠https://www.betterbooksaccounting.co/contact⁠⁠⁠ ••••••••••••••••••••••••••••••••••••••••••••••••••••••••• Connect with Chris McCormack on Social Media Facebook: ⁠⁠⁠https://www.facebook.com/chrismccormackcpa⁠⁠⁠ LinkedIn: ⁠⁠⁠https://www.linkedin.com/in/chrismccormackcpa⁠⁠⁠ Instagram: ⁠⁠⁠https://www.instagram.com/chrismccormackcpa⁠⁠⁠ Join our Facebook Group: ⁠⁠⁠https://www.facebook.com/groups/6384369318328034⁠⁠⁠

→ → → SUBSCRIBE TO BETTER BOOKS’ YOUTUBE CHANNEL NOW ← ← ← ⁠⁠⁠https://www.youtube.com/@chrismccormackcpa⁠⁠⁠



The Know Your Numbers REI podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, or guests.



#ROI #TaxSavings #RealEstateProfessional #TaxCode #CPAInsights #TaxLaw #TaxStrategies #TaxAdvantage #TaxKnowledge #TaxWisdom #TaxPlanning #TaxDeductions #TaxBenefits #TaxRefunds #CostSegregation #RealEstateInvesting #PassiveIncome #ActiveIn

In this episode of the Know Your Numbers REI podcast, host Chris McCormack delves into tax strategies, news, and insights for real estate investors and business owners. The focus is on helping those frustrated with the amount of taxes they pay to gain confidence and understanding in tax knowledge. Chris addresses the different tax implications for various industries within real estate investing, such as private money lending, development, wholesaling, and long-term investing.



If you're a real estate investor looking to optimize your tax strategy and minimize your tax burden, this episode is a must-listen. Gain clarity on how different real estate ventures are taxed, understand the importance of entity structure, and learn key considerations for maximizing deductions and minimizing tax liabilities.



Tune in to learn from a certified tax planner and CPA, Chris McCormack, as he shares practical advice and real-life examples to help you make informed decisions about your real estate investments. Don't miss out on this valuable information that could save you thousands in taxes! Subscribe to the Know Your Numbers REI podcast for weekly episodes on tax strategy, tax news, and tax insights for real estate investors and business owners. Join us on this journey to financial empowerment and tax efficiency in the real estate industry.



If you found this episode valuable, leave a review, share it with a friend, and follow our podcast. Stay connected with us on Spotify for more insightful content and discussions on real estate tax strategies. Remember, knowledge is power when it comes to your numbers in real estate investing. Let's make informed decisions and keep moving forward towards financial success!


••••••••••••••••••••••••••••••••••••••••••••••••••••••••• ➤➤ To become a client, schedule a call with our team or fill out a contact request form ➤➤ ⁠⁠https://www.betterbooksaccounting.co/contact⁠⁠ ••••••••••••••••••••••••••••••••••••••••••••••••••••••••• Connect with Chris McCormack on Social Media Facebook: ⁠⁠https://www.facebook.com/chrismccormackcpa⁠⁠ LinkedIn: ⁠⁠https://www.linkedin.com/in/chrismccormackcpa⁠⁠ Instagram: ⁠⁠https://www.instagram.com/chrismccormackcpa⁠⁠ Join our Facebook Group: ⁠⁠https://www.facebook.com/groups/6384369318328034⁠⁠

→ → → SUBSCRIBE TO BETTER BOOKS’ YOUTUBE CHANNEL NOW ← ← ← ⁠⁠https://www.youtube.com/@chrismccormackcpa⁠⁠



The Know Your Numbers REI podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, o

Finding a specialized tax advisor experienced in your industry is crucial for proper tax planning and compliance. Just as you would seek a surgeon specialized in a specific medical procedure, finding a tax advisor with expertise in your industry ensures tailored advice and strategies aligned with the complexities of your business.



In this episode of the Know Your Numbers REI podcast, host Chris McCormack emphasizes the importance of maximizing tax benefits in real estate investing. He highlights the four key elements for optimal portfolio performance: cashflow, appreciation, leverage, and tax benefits. While cashflow, leverage, and appreciation are more straightforward to achieve, tax benefits often require specialized advice and planning. Chris stresses the significance of having a qualified tax advisor and a proactive approach to tax planning to fully utilize the potential of real estate investments. Tune in to learn how to ensure you are not leaving money on the table in your real estate portfolio.



If you found this episode helpful, be sure to share it with a friend and leave a review. Subscribe to the Know Your Numbers REI podcast for more valuable insights on tax savings and financial management for real estate investors. Your feedback is greatly appreciated as we strive to provide you with the best resources to grow your real estate business.



••••••••••••••••••••••••••••••••••••••••••••••••••••••••• ➤➤ To become a client, schedule a call with our team or fill out a contact request form ➤➤ ⁠https://www.betterbooksaccounting.co/contact⁠ ••••••••••••••••••••••••••••••••••••••••••••••••••••••••• Connect with Chris McCormack on Social Media Facebook: ⁠https://www.facebook.com/chrismccormackcpa⁠ LinkedIn: ⁠https://www.linkedin.com/in/chrismccormackcpa⁠ Instagram: ⁠https://www.instagram.com/chrismccormackcpa⁠ Join our Facebook Group: ⁠https://www.facebook.com/groups/6384369318328034⁠

→ → → SUBSCRIBE TO BETTER BOOKS’ YOUTUBE CHANNEL NOW ← ← ← ⁠https://www.youtube.com/@chrismccormackcpa⁠



The Know Your Numbers REI podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, or guests.



#IRSAudit #TaxSavings #Cashflow #Appreciation #Leverage #TaxBenefits #TaxAdvisor #TaxPlanning #TaxPortfolio #TaxAdvisorSpecialist #TaxCompliance #IRS #TaxAudits #TaxProfessionals #TaxCode #TaxLaw #TaxStrategies #TaxSavingsStrategies #TaxDocumentation #TaxAdvisorSpecialization #TaxAdvisorQualifications #TaxAdvisorResources #AccountingForRealEstateInvestors #RealEstateTax #