In this episode of the Know Your Numbers REI Podcast, host Chris McCormack breaks down why entity structuring is one of the most powerful tax-saving strategies for real estate investors and business owners. Using a real-world case study, Chris reveals how a client facing a massive tax bill on nearly $1 million in profits was able to legally reduce their taxes by $58,000 through smart entity structuring.
This episode dives into the importance of proactive tax planning, explores popular entity options like S Corporations and C Corporations, and explains how choosing the right structure can dramatically impact your bottom line.
If you’re a real estate investor looking to minimize taxes, maximize profits, and gain peace of mind, this episode is a must-listen.
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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.
In this episode of the Know Your Numbers REI Podcast, host Chris McCormack discusses the power of proactive tax planning and the potential of cost segregation to save thousands of dollars in taxes.
Chris shares a real-life case study of a real estate investor who was able to significantly reduce a $300,000 tax bill through strategic tax planning. He emphasizes the importance of taking immediate action and working with the right professionals to achieve lasting economic impact.
Tune in to learn how tax strategies can help you save money, build wealth, and create a lasting legacy.
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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.
In this episode of the Know Your Numbers, REI Podcast, hosted by Chris McCormack, we delve deep into tax planning for high-income earners who exceed the contribution limits for Roth IRAs. Chris explains the benefits of a Roth IRA and introduces the 'Backdoor Roth IRA' strategy as an effective means to build tax-free wealth for retirement.
Learn about specific income thresholds, contribution limits, and practical steps to transition from a traditional IRA to a Roth IRA. Discover why this strategy is crucial for legacy planning and ensuring a tax-free retirement.
Don't miss these valuable insights to enhance your retirement planning!
Tune in to the Know Your Numbers REI podcast for valuable tax planning tips and strategies to keep more money in your accounts. Don't miss out on empowering yourself with the knowledge to make informed financial decisions. Subscribe now and stay informed!
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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.
In this episode of the Know Your Numbers, REI podcast, host Chris McCormack discusses the recent NBA betting scandal involving prominent figures like Terry Rozier and Chauncey Billups. He delves into the tax implications of gambling winnings and losses, addressing how they impact one's tax returns.
Chris also gives a historical overview of gambling legalization in the US, from Nevada's 1931 decision to the 2018 Supreme Court ruling. He shares his personal views on the harmful effects of gambling, its societal impact, and offers advice for those struggling with gambling addiction.
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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.
In this episode of the Know Your Numbers REI podcast, host Chris McCormack interviews financial expert Chris Miles, founder of Money Ripples, a company he established after working as a traditional financial advisor. He is known as the "anti-financial advisor" and the "Cash Flow Expert" for his focus on helping entrepreneurs and professionals generate multiple passive income streams to achieve financial freedom, rather than relying on traditional, slow-growth financial advice. He is the host of the Money Ripples Podcast and has been featured in publications like US News and CNN Money.
Chris shares his journey from a traditional financial advisor to an innovative investor focusing on passive income and real estate. He also explains the topic about the mindset shift from scarcity to abundance, the distinction between financial freedom and financial independence, and the power of leveraging debt. And explains his unique approach to infinite banking, and offers insights into why real wealth isn't tied to conventional methods like the stock market.
Tune in to learn how to achieve true financial freedom!
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To connect with Chris, visit his Social Media Platforms:
Facebook: https://www.facebook.com/moneyripples/
Instagram: https://www.instagram.com/chriscmiles/?hl=en
LinkedIn: https://www.linkedin.com/in/chriscmiles
Website: https://moneyripples.com/
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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.
Welcome back to the Know Your Numbers REI Podcast with your host, Chris McCormack! As we enter the holiday season, we're diving deep into a crucial topic that can make or break your business: THE 5 BIGGEST PROFIT KILLERS. Profit is the oxygen of your business — without it, your business can’t survive.
In this episode, Chris reveals the most common mistakes that silently destroy profitability and shares the simple, actionable steps you can take today to reverse the damage. Whether you're earning $50,000 or $5 million, these principles apply to every business owner, entrepreneur, and service provider.
If this episode brings you value, don’t forget to follow, share with a friend, and comment on the topics you’d love to hear next!
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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.
In this episode of the Know Your Numbers, REI podcast, host Chris McCormack delves into top tax-saving strategies to implement before year-end for real estate professionals and business owners. Learn how to solidify your real estate professional status, leverage short-term rental qualifications, and implement cost segregation for significant tax benefits.
Chris also shares insights on getting your books in order, investing in equipment or vehicles, making charitable contributions, and strategically buying and selling investments.
Tune in for actionable tips to optimize your tax savings for 2026 and beyond.
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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.
In this episode of the Know Your Numbers REI podcast, host Chris McCormack delves into the intricate world of cryptocurrency and its significant tax implications. He begins discussing the famous story of the Bitcoin pizza and transitions into an analysis of current trends in the cryptocurrency market, which has seen substantial increases in value. Real-world examples highlight both the potential gains and complexities investors face. He also covers essential topics such as the nature of cryptocurrency as a capital asset, the nuances of capital gains rates versus ordinary income tax rates, and the reporting responsibilities of crypto investors.
Chris explains the tax reporting changes and notices from the IRS, emphasizing the importance of listing cryptocurrency transactions on tax returns. He also provides practical strategies for tax planning, like tax loss harvesting, and explores the implications for day traders who may face higher tax burdens.
Tune in to seek professional tax advice to navigate these regulations effectively. This episode provides valuable insights for anyone involved in or considering investing in the cryptocurrency market, aiming to help them make informed decisions and comply with tax laws.
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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.
In this episode of the Know Your Numbers REI Podcast, host Chris McCormack delves into the critical importance of bookkeeping for avoiding IRS audits. Chris explains the misconceptions about not needing to report income without receiving a 1099 and the pitfalls of disregarding transactions from platforms like Venmo and PayPal.
He emphasizes the need for a solid bookkeeping foundation to ensure accurate tax reporting, reduce anxiety, and provide a defense against potential audits. Key topics include the IRS's use of technology to track income, the necessity of proper income and expense documentation, and the benefits of using bookkeeping software.
Tune in to learn how to keep your financial records in order and avoid unnecessary stress with the IRS.
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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.
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!
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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.
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.
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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.
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.
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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/
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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.
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.
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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/
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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.
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!
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Connect with Chris McCormack on Social Media
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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.
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
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Connect with Chris McCormack on Social Media
Facebook: https://www.facebook.com/chrismccormackcpa
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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.
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.
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➤➤➤ To become a client, schedule a call with our team
➤➤ 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
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.
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!
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➤➤➤ To become a client, schedule a call with our team
➤➤ https://www.betterbooksaccounting.co/contact
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Connect with Chris McCormack on Social Media
Facebook: https://www.facebook.com/chrismccormackcpa
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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.
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!
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➤➤➤ To become a client, schedule a call with our team
➤➤ 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
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.
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
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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
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.
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
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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
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.