Know Your Numbers REI with Chris McCormack

Chris McCormack

Know Your Numbers REI is where you can learn how to eliminate the frustrations and chaos you've felt around tax and accounting in your real estate portfolio. Chris is a CPA, Certified Tax Planner and owner of Better Books Accounting - an accounting and bookkeeping firm focused on having real estate investors confidently pay less to the US government Be sure to visit our website betterbooksaccounting.co Connect with Chris on Facebook: Chris McCormack Follow Chris on Instagram: @chrismccormackcpa Connect on LinkedIn: Chris McCormack CPA, MBA

  1. 2D AGO

    Repairs or Capital Improvements? The IRS Doesn’t Want You to Know This!

    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 maximizing your deductions. You’ll learn the key rules every flipper, developer, or long-term investor should know, plus expert tips on making the right elections and reporting your expenses the smart way. If you want to keep more of your hard-earned profits and avoid costly tax mistakes, this episode is a must-listen. Tune in, and follow the podcast so you never miss powerful insights to help you grow your real estate wealth the right way! •••••••••••••••••••••••••••••••••••••••••••• ➤➤➤ To become a client, schedule a call with our team ➤➤ 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.

    21 min
  2. OCT 23

    Stay Out of Trouble: IRS Red Flags You Need to Know!

    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. Gain insights on how to ethically and legally minimize your tax liability while staying compliant. This episode aims to empower you with knowledge to prevent unnecessary audits and stress. Tune in for expert advice and practical tips to ensure your tax matters are in order. •••••••••••••••••••••••••••••••••••••••••••• ➤➤➤ To become a client, schedule a call with our team ➤➤ 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.

    30 min
  3. From Flipping Homes to Multifamily Real Estate: Jennifer Barner's Inspiring Journey

    OCT 16

    From Flipping Homes to Multifamily Real Estate: Jennifer Barner's Inspiring Journey

    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 importance of preferred returns for investors, and her innovative strategies for generating consistent income. Jennifer also delves into how she used real estate to fund her children's college education, the challenges and opportunities in flipping homes, and her current mission to empower young mothers to achieve financial freedom through real estate. The episode offers invaluable insights for anyone considering a career in real estate, particularly in balancing single-family and multi-family investments. •••••••••••••••••••••••••••••••••••••••••••• To connect with Jennifer, visit her Social Media Platforms: Facebook: https://www.facebook.com/jennifer.barner.75/ Instagram: https://www.instagram.com/masteringmoneyformoms/?hl=en LinkedIn: https://www.linkedin.com/in/jennifer-barner Website: https://www.lighthouse-ventures.com/ •••••••••••••••••••••••••••••••••••••••••••• ➤➤➤ To become a client, schedule a call with our team ➤➤ 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.

    28 min
  4. From Faith to Finance: Jennifer Aube on Stewardship and Wealth

    OCT 9

    From Faith to Finance: Jennifer Aube on Stewardship and Wealth

    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 organizational culture on a practical scale. With years of experience in financial planning and consulting, she thrives on guiding individuals and families to align their money with their values and purpose. Jennifer is also the author of Naked Wealth, a book that helps readers uncover their financial story and establish a strong foundation for stewardship and financial decision-making. Join Jennifer as she dives deep into the biblical perspective on money and what true stewardship really means. Discover how faith connects with financial planning across every stage of life, from building a foundation in your early years to managing wealth with wisdom later on. She also breaks down common money habits, explains the purpose of different financial tools, and shares practical insights on how to handle financial challenges within relationships.  Whether you're navigating budgeting as a couple, planning for the future, or simply seeking to align your finances with your faith, this discussion offers valuable lessons and real-life guidance you won’t want to miss! This episode is a valuable resource for anyone looking to align their financial decisions with their faith and long-term goals. •••••••••••••••••••••••••••••••••••••••••••• To connect with Jennifer, visit her Social Media Platforms: Facebook: https://www.facebook.com/JenniferAubeWealthManagement/ Instagram: https://www.instagram.com/jenniferwaube/?hl=en Website: https://www.jenniferaube.com/ •••••••••••••••••••••••••••••••••••••••••••• ➤➤➤ To become a client, schedule a call with our team ➤➤ 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.

    40 min
  5. Avoiding Tax Traps: The Power of Creative Deductions

    OCT 2

    Avoiding Tax Traps: The Power of Creative Deductions

    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. He covers entity structuring, retirement planning, income sources, and the legal perspectives of ordinary and necessary expenses.  Get ready to rethink your approach to taxes creatively and strategically. God bless you, and keep moving forward! •••••••••••••••••••••••••••••••••••••••••••• ➤➤➤ To become a client, schedule a call with our team ➤➤ 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.

    18 min
  6. Unlock Tax-Free Wealth: Using Life Insurance for Retirement Planning and Legacy Building

    SEP 25

    Unlock Tax-Free Wealth: Using Life Insurance for Retirement Planning and Legacy Building

    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 IRAs due to income limits, life insurance can provide a viable alternative for tax-free wealth accumulation. Join us as we explore how life insurance can not only protect your loved ones but also help you build a tax-free nest egg for the future. Don't forget to follow to our channel and share this episode with friends who could benefit from understanding the tax advantages of life insurance. Stay tuned for our next episode, where we'll wrap up our series by discussing often-missed expenses that can lead to significant tax costs. God bless you, and keep moving forward! •••••••••••••••••••••••••••••••••••••••••••• ➤➤➤ To become a client, schedule a call with our team ➤➤ 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.

    18 min
  7. DIY Taxes vs. Tax Planning: How to Avoid Costly Mistakes and Save Thousands

    SEP 18

    DIY Taxes vs. Tax Planning: How to Avoid Costly Mistakes and Save Thousands

    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 between tax preparation and tax planning, emphasizing that while filing taxes is necessary for compliance, it often leads to overpaying. Join us as Chris shares a compelling case study of a high-earning executive who saved $50,000 in his first year of working with a tax strategist. Learn about the importance of year-round tax planning, the common mistakes people make when filing their own taxes, and how to optimize your tax strategy for greater wealth accumulation. Whether you're a business owner, real estate investor, or a high-wage earner, this episode is packed with valuable insights that can help you keep more money in your pocket and reduce your tax burden. If you find value in this episode, please give us a five-star rating, follow, and share it with friends who could benefit from these insights. •••••••••••••••••••••••••••••••••••••••••••• ➤➤➤ To become a client, schedule a call with our team ➤➤ 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.

    17 min
  8. Understanding Entity Structures: How to Avoid Tax Traps for Real Estate Investors and Business Owners

    SEP 11

    Understanding Entity Structures: How to Avoid Tax Traps for Real Estate Investors and Business Owners

    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 tax efficiency. He shares real-life examples, including a case study of an investor who operated a seven-figure real estate business under his personal name, exposing himself to significant liability and tax inefficiencies. If you're a business owner or real estate investor looking to optimize your tax strategy, this episode is packed with valuable insights you won't want to miss! Don't forget to follow to our channel for more episodes on tax planning and financial strategies. If you find this episode helpful, share it with a friend who could benefit from this information! •••••••••••••••••••••••••••••••••••••••••••• ➤➤➤ To become a client, schedule a call with our team ➤➤ 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.

    28 min
4.8
out of 5
13 Ratings

About

Know Your Numbers REI is where you can learn how to eliminate the frustrations and chaos you've felt around tax and accounting in your real estate portfolio. Chris is a CPA, Certified Tax Planner and owner of Better Books Accounting - an accounting and bookkeeping firm focused on having real estate investors confidently pay less to the US government Be sure to visit our website betterbooksaccounting.co Connect with Chris on Facebook: Chris McCormack Follow Chris on Instagram: @chrismccormackcpa Connect on LinkedIn: Chris McCormack CPA, MBA