Know Your Numbers REI with Chris McCormack

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

    6일 전

    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.

    28분
  2. Maximize Your Real Estate Tax Benefits: Avoiding Costly Depreciation Mistakes

    9월 4일

    Maximize Your Real Estate Tax Benefits: Avoiding Costly Depreciation Mistakes

    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, including a case where a couple missed out on a $160,000 tax benefit due to improper depreciation practices. If you're a real estate investor or a business owner looking to optimize your tax strategy, this episode is packed with valuable insights and actionable steps. Don't forget to follow and leave a review to help others discover the podcast! Stay tuned for more episodes as we continue to explore the most costly tax mistakes and how to avoid them. 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.

    17분
  3. Avoid Costly Tax Mistakes: How to Optimize Your Brokerage Account for Retirement Savings

    8월 28일

    Avoid Costly Tax Mistakes: How to Optimize Your Brokerage Account for Retirement Savings

    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 clients to highlight the importance of understanding how taxes can impact your investment returns. Learn about more tax-friendly alternatives, such as Roth IRAs and cash value life insurance, that can help you maximize your savings and minimize your tax burden. Discover how proper planning can lead to greater peace of mind and financial security in retirement. If you find this episode valuable, please share it with friends and leave us a five-star rating and review! Don't forget to follow our Spotify and Apple podcast channel for more weekly content. Stay tuned for next week's episode, where we'll continue our discussion on the seven costly tax mistakes, focusing on real estate-specific strategies. 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.

    12분
  4. How to Avoid Common Tax Overpayments: Top 7 Tax Mistakes That Cost You Thousands

    8월 21일

    How to Avoid Common Tax Overpayments: Top 7 Tax Mistakes That Cost You Thousands

    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 high-income earners with W-2 income to those who leverage investments and strategic planning to minimize their tax burden. He discusses real-life examples, including a high-level executive and a savvy investor, to illustrate how tax planning can lead to significant savings. Whether you're a business owner, entrepreneur, or high-income earner, this episode is packed with valuable information to help you lower your tax liability and build wealth. Don't forget to follow for more insights on taxes, finances, and wealth-building strategies! Tune in next week for Part 2 of our series on the biggest tax mistakes that could be costing you money! 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.

    19분
  5. Transforming Insurance from Expense to Asset: A Strategic Approach for Business Owners

    8월 14일

    Transforming Insurance from Expense to Asset: A Strategic Approach for Business Owners

    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. Discover how cash value life insurance and captive insurance can help you save thousands in taxes, protect your assets, and even transfer wealth tax-free to your beneficiaries. Whether you're just starting out or looking to optimize your financial strategy, this episode is packed with actionable advice to help you navigate the complexities of insurance and taxes. Don't forget to follow for more insights on managing your finances and reducing your tax burden! •••••••••••••••••••••••••••••••••••••••••••• ➤➤➤ 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.

    21분
  6. Understanding the Impact of Permanent Tax Brackets: How the New Tax Law Shapes Our Financial Future

    8월 7일

    Understanding the Impact of Permanent Tax Brackets: How the New Tax Law Shapes Our Financial Future

    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, examines the specific tax brackets for both single and married filers for 2025, and explores the benefits of tax planning for business owners and individuals. Chris emphasizes the significance of working with a knowledgeable CPA or tax planner to optimize tax savings and align financial strategies with personal goals. •••••••••••••••••••••••••••••••••••••••••••• ➤➤➤ 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.

    18분
  7. How to Avoid Capital Gains Tax on Small Business Sales: Insights on the Expanded QSBS Exemption

    7월 31일

    How to Avoid Capital Gains Tax on Small Business Sales: Insights on the Expanded QSBS Exemption

    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 episode is packed with valuable insights and strategies to help you navigate the complexities of tax planning. Don't miss out on this opportunity to learn how to keep more money in your pocket and reinvest in your future! Follow for more episodes and insights on tax strategies and real estate investing. If you have questions or need personalized advice, reach out to us at Better Books! •••••••••••••••••••••••••••••••••••••••••••• ➤➤➤ 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.

    17분
  8. Understanding Full Expensing for Business Property and R&D Costs Under the New Tax Legislation

    7월 24일

    Understanding Full Expensing for Business Property and R&D Costs Under the New Tax Legislation

    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 reinstatement of 100% bonus depreciation for business property is a game-changer for real estate investors and business owners. He discusses the implications of this law, including how it allows for significant tax savings and strategic planning opportunities. Additionally, he highlights the new provisions for startups, enabling them to fully expense their research and development costs in the year they are incurred, rather than amortizing them over 15 years. Whether you're a real estate investor, a business owner, or an entrepreneur, this episode is packed with valuable insights on how to leverage these tax changes to grow your wealth and reduce your tax burden. If you find value in this episode, please leave us a review, follow us on Spotify, and share it with anyone who could benefit from understanding these tax changes. •••••••••••••••••••••••••••••••••••••••••••• ➤➤➤ 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.

    22분
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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

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