Know Your Numbers REI with Chris McCormack Chris McCormack

In this episode of the Know Your Numbers REI podcast, host Chris McCormack, a CPA and Certified Tax Planner, delves into the crucial topic of documentation in real estate accounting and tax planning. He emphasizes the importance of proper documentation in protecting oneself against IRS audits and maximizing tax savings. Chris emphasizes the significance of documenting business activities for real estate investors and business owners. Stressing the need to understand what, why, and how to document. This episode serves as a valuable guide for you to navigate tax responsibilities effectively. Tune in to learn why documentation is the cornerstone of every tax strategy and how it can safeguard your financial interests. Don't miss out on valuable insights to help you navigate the complexities of tax planning and accounting effectively.

If you found this episode informative, consider giving us a five-star rating and leaving a review. Join our Facebook group for daily updates on tax planning and network with like-minded individuals in the real estate investing community. Remember, investing in professional advice is always more cost-effective than going at it alone. Stay informed, stay compliant, and keep moving forward with the Know Your Numbers REI podcast.



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➤➤ To become a client, schedule a call with our team or fill out a contact request form ➤➤ https://www.betterbooksaccounting.co/contact

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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.



#Documentation #TaxStrategy #TaxPlanning #IRS #ExpertAdvice #Receipts #ManagementFees #AuditRisk #IRSAudit #AccountingForRealEstateInvestors #RealEstateTax #RealEstateTaxTips #RealEstateInvestor #KnowYourNumbers #BetterBooks #ChrisMcCormack

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 of clients who have successfully implemented these strategies and seen significant results. Tune in to learn how to take control of your financial future and achieve your real estate goals. Don't miss out on valuable insights to maximize your revenue and minimize tax burdens!



Don't forget to check out the free e-book in the show notes for a deeper dive into the six keys discussed in this series. Follow the Know Your Numbers REI podcast for more valuable tips and strategies to optimize your real estate investments. Join the community on Facebook and start your journey towards financial success in real estate today!



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E-Book: https://mailchi.mp/betterbooksaccounting/6-keys

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➤➤➤ To become a client, schedule a call with our team or fill out a contact request form

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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

→ → → 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.





#Autonomous #Accurate #DecisionMaking #RealEstateInvesting #ExpertAdvice #SixKeysToIncreasingRevenue #AuditRisk #IRSAudit #AccountingForRealEstateInvestors #RealEstateTax #RealEstateTaxTips #RealEstateInvestor #KnowYourNumbers #BetterBooks #ChrisMcCormack

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 audit risk, leading to potential financial losses.



In the episode of the Know Your Numbers REI podcast, host Chris McCormack, a CPA and Certified Tax Planner, dives into the fifth key from the latest e-book, "The Six Keys to Increasing Your Real Estate Revenue." This key focuses on the importance of seeking professional advice to reduce your audit risk and ensure you're taking full advantage of tax benefits without falling into unethical practices. He discusses real-life scenarios where improper tax strategies can lead to significant financial consequences, including unpaid taxes, interest, penalties, and representation fees. By investing in the right team of certified tax planners and professionals, real estate investors can navigate the complex tax landscape with confidence and ensure they are maximizing their tax benefits while staying compliant.



Tune in to learn how investing in professional advice can safeguard your real estate business and keep more money in your account. Don't miss out on this valuable episode of the Know Your Numbers podcast!



If you found this episode helpful, please consider leaving a five-star rating and review. Share this episode with anyone in the real estate industry who could benefit from expert tax advice. Stay informed, stay profitable, and keep moving forward with Know Your Numbers REI podcast.



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E-Book: https://mailchi.mp/betterbooksaccounting/6-keys

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➤➤➤ To become a client, schedule a call with our team or fill out a contact request form

➤➤ https://www.betterbooksaccounting.co/contact

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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

→ → → 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.



#ProfessionalAdvice #AuditRisk #TaxStrategists #ProfessionalTaxPlanner #ProperDocumentation #SixKeysToIncreasingRevenue #AvoidCostlyMistakes #CostSegregation #TaxStrategy #TaxPlanning #AccountingForRealEstateInvestors #RealEstateTax #RealEstateTaxTips

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 paying more taxes than necessary and missing out on potential tax-saving opportunities.



In this episode of the Know Your Numbers REI podcast, host Chris McCormack, a CPA and Certified Tax Planner, delves into key number four of the six keys to increasing your real estate revenue. Discover the importance of investing in a tax plan to save on taxes and plan for a prosperous future. Chris emphasizes the significance of finding a tax expert who understands your industry and can tailor strategies to your specific needs. He highlights the difference between tax planning and tax preparation.



If you're a real estate investor or business owner looking to optimize your tax strategy, this episode is a must-listen. Tune in to learn how tax planning can help you keep more money in your account and achieve your financial goals. Don't miss out on this valuable insight!



To access the full podcast episode and learn more about the six keys to increasing your real estate revenue, check out the link in the show notes. And if you enjoyed the content, please leave a five-star rating and review to support the show. Stay tuned for upcoming episodes as we continue to explore essential strategies for financial success in real estate. Thank you for listening and keep moving forward!



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E-Book: https://mailchi.mp/betterbooksaccounting/6-keys

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➤➤➤ To become a client, schedule a call with our team or fill out a contact request form

➤➤ https://www.betterbooksaccounting.co/contact

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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/  

→ → → 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.





#TaxPlanning #TaxStrategy #RealEstateRevenue #RealEstateInvesting #TaxSavings #SixKeysToIncreasingRevenue #FinancialFreedom #AccountingForRealEstateInvestors #RealEstateTax #RealEstateTaxTips #RealEstateInvestor #KnowYourNumbers #BetterBooks #ChrisMcCormack

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 real estate but also to various industries, such as health and education.



Chris emphasizes that a strong accountant can help you understand your numbers, communicate financial insights, and guide you in managing your business effectively. He clearly added that by leveraging the expertise of an accountant, you can gain clarity, confidence, and peace of mind in running your business or real estate investments.



If you found this episode insightful, please share it with others who might benefit. And don't forget to check out the free e-book linked in the show notes for more detailed information on increasing your real estate revenue.



Thank you for tuning in, and keep striving to know your numbers and make informed decisions in your real estate ventures!



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E-Book: https://mailchi.mp/betterbooksaccounting/6-keys

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➤➤➤ To become a client, schedule a call with our team or fill out a contact request form

➤➤ https://www.betterbooksaccounting.co/contact  

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Connect with Chris McCormack on Social Media

Facebook: https://www.facebook.com/chris.mccormack.cpa.mba/ 

LinkedIn: https://www.linkedin.com/in/chris-mccormack-cpa-mba/ 

Instagram: https://www.instagram.com/chrismccormackcpa/  

→ → → SUBSCRIBE TO BETTER BOOKS’ YOUTUBE CHANNEL NOW ← ← ← 

https://www.youtube.com/@betterbooksREI/featured



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.



#PerformanceMonitoring #AccountManagement #RealEstateRevenue #ProactiveTaxPlanning #BusinessOwners #Health #Education #FinancialHabits #Bookkeeping #FinancialRecords #Taxes #Income #PeaceOfMind #AccountingForRealEstateInvestors #RealEstateTax #RealEstateTaxTips #RealEstateInvestor #KnowYourNumbers #BetterBooks #ChrisMcCormack

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 effectively, leading to reliable financial records.



In this episode of the Know Your Numbers podcast, host Chris McCormack delves into key number two from the e-book “The Six Keys to Increasing Your Real Estate Revenue” which is the importance of internal controls and processes in real estate revenue. Chris emphasizes the significance of having processes, procedures, checks, and balances, particularly focusing on internal controls. Drawing from his experience in the audit field, Chris highlights the relevance of internal controls for both big and small businesses, stressing their necessity for maintaining financial health and security.



Remember, forming positive financial habits and setting up internal controls are not just about avoiding problems; they're about creating a foundation for sustained business growth and personal peace of mind. Please share and leave a five-star rating and review to support the Know Your Numbers REI podcast. Let's empower ourselves with knowledge and financial freedom!



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E-Book: https://mailchi.mp/betterbooksaccounting/6-keys

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➤➤➤ To become a client, schedule a call with our team or fill out a contact request form

➤➤ https://www.betterbooksaccounting.co/contact  

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Connect with Chris McCormack on Social Media

Facebook: https://www.facebook.com/chris.mccormack.cpa.mba/ 

LinkedIn: https://www.linkedin.com/in/chris-mccormack-cpa-mba/ 

Instagram: https://www.instagram.com/chrismccormackcpa/  

→ → → SUBSCRIBE TO BETTER BOOKS’ YOUTUBE CHANNEL NOW ← ← ← 

https://www.youtube.com/@betterbooksREI/featured



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.



#InternalControls #ChecksAndBalances #AccountingProcedures #Processes #RealEstateRevenue #HabitFormation #FinancialHabits #AccountReconciliation #FinancialRecords #Taxes #Income #TimeManagement #Delegation #AccountingForRealEstateInvestors #RealEstateTax #RealEstateTaxTips #RealEstateInvestor #KnowYourNumbers #BetterBooks #ChrisMcCormack