Mid-year bookkeeping mistakes can quietly turn into expensive tax problems at year-end. In this episode of the Know Your Numbers podcast, we break down the warning signs of messy books, just like a strange noise in your car means it’s time to visit a mechanic. If your financial reports or bank accounts don’t line up, it’s not something to ignore; it’s a signal that cleanup is needed.

We cover the most common issues that lead to inaccurate financial statements and tax surprises, including variances between bank accounts and QuickBooks, unrecorded transactions, personal expenses incorrectly categorized as business expenses, and negative balances on your reports. You’ll also learn why up-to-date bookkeeping is the foundation for accurate tax projections and smarter financial decisions throughout the year.

If you want more clarity, fewer tax surprises, and confidence in your numbers, this episode will help you understand when and why to clean up your books, and what to do next. Visit our website to connect with our team and see if we’re a good fit to help you get your books in order and build a stronger tax strategy.

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➤➤ https://www.betterbooksaccounting.co/booking-calendar/better-books-consultation

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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 guest.

Are you making costly tax mistakes halfway through the year without even realizing it? In this episode of the Know Your Numbers Podcast, Chris McCormack breaks down the 5 biggest mid-year tax and bookkeeping mistakes that can lead to surprise tax bills, missed deductions, cash flow issues, and unnecessary stress for business owners and investors.

You'll learn why up-to-date bookkeeping is critical, how tax projections can help you avoid year-end surprises, why strategic tax planning beats simply preparing for taxes, and how setting aside money throughout the year can protect your business. Chris also explains the importance of thinking outside the box when it comes to tax-saving opportunities and wealth-building strategies.

Whether you're an entrepreneur, real estate investor, or growing business owner, this episode will help you take control of your numbers, reduce your tax burden, and make smarter financial decisions before the year is over. Don't wait until tax season, start planning now and position your business for greater profitability and long-term success.

Follow for more tax planning, investing, entrepreneurship, and wealth-building insights from the Know Your Numbers Podcast.

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➤➤➤ To become a client, schedule a call with our team

➤➤ https://www.betterbooksaccounting.co/booking-calendar/better-books-consultation

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Connect with Better Books on Social Media

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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.

Why do billionaires like Elon Musk, Jeff Bezos, Warren Buffett, and Mark Zuckerberg often pay lower tax rates than many employees?

In this episode of the Know Your Numbers Podcast, Chris McCormack breaks down the legal tax strategies wealthy individuals use to build and protect their wealth and why ownership is the key to long-term financial success.

Chris explains how billionaires generate wealth through stocks, businesses, real estate, and equity instead of relying solely on earned income. He also dives into capital gains taxes, leveraging equity, debt strategies, delayed gratification, and why the tax code rewards ownership and investing. If you’ve ever wondered how the wealthy legally reduce taxes while continuing to grow their net worth, this episode gives a practical and thought-provoking breakdown of how the system actually works.

Whether you’re building a business, investing in real estate, growing a stock portfolio, or simply trying to become more tax-efficient, this episode will help you understand how ownership can create long-term wealth and open the door to powerful tax advantages.

Follow for more tax planning, investing, entrepreneurship, and wealth-building insights from the Know Your Numbers Podcast.

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➤➤➤ To become a client, schedule a call with our team

➤➤ https://www.betterbooksaccounting.co/booking-calendar/better-books-consultation

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Connect with Better Books on Social Media

Facebook: https://www.facebook.com/betterbooksaccounting.co

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https://www.youtube.com/@betterbooksaccounting

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 Podcast, Chris McCormack breaks down California’s proposed Billionaire Tax and explains why many believe it could reshape business, investing, entrepreneurship, and the future of the American economy.

Chris explores how wealth taxes could impact economic growth, job creation, business investment, and government spending while also discussing concerns around fraud, inefficiency, and the long-term expansion of taxation beyond billionaires. He also shares historical insights on how tax policies have evolved in America and why they matter today more than ever.

If you’re interested in taxes, investing, entrepreneurship, real estate, and building long-term wealth, this episode delivers a thought-provoking perspective on one of the most controversial financial topics in the country right now.

Follow for more tax and wealth-building strategies from the Know Your Numbers Podcast.

••••••••••••••••••••••••••••••••••••••••••••

➤➤➤ To become a client, schedule a call with our team

➤➤ https://www.betterbooksaccounting.co/booking-calendar/better-books-consultation

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Connect with Better Books on Social Media

Facebook: https://www.facebook.com/betterbooksaccounting.co

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https://www.youtube.com/@betterbooksaccounting

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.

Most people think giving property to their kids early is a smart move… until they realize it could trigger a massive tax bill.

In this episode of the Know Your Numbers REI Podcast, Chris McCormack breaks down one of the biggest estate planning mistakes families make-transferring real estate before death and losing the powerful “step-up in basis” tax advantage. 

Learn how a simple decision could cost your heirs $100,000+ in capital gains taxes, what “carryover basis” really means, and how strategic estate planning can protect your family’s wealth for generations. Whether you own rental properties, investment real estate, or a paid-off family home, this episode is packed with practical tax-saving strategies every family should know.

If you want to preserve more wealth, avoid unnecessary IRS problems, and make smarter inheritance decisions, this episode is a must-listen.

Follow for more tax-saving strategies, real estate insights, and proactive wealth-building advice from Better Books Accounting.

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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

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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.

In this episode of Know Your Numbers REI Podcast, Chris McCormack shares 5 bold changes he would make to the tax code, from flat taxes and eliminating property tax to removing Social Security and capital gains taxes.

One of the biggest takeaways? Many people paying into Social Security today may never see the benefits they expect and that raises serious questions about how we plan for the future. 

Inside this episode:

• Why a flat income tax could boost the economy

• The case against property taxes on your home

• How self-employment tax hurts small business owners

• The truth about Social Security’s sustainability

• Why removing capital gains tax could unlock more investment

  
  

This isn’t just theory, it’s about rethinking how money flows, grows, and impacts your future.

Like, follow, and share if you want smarter conversations around taxes, wealth, and financial freedom.

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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

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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.

In this episode of Know Your Numbers REI Podcast, Chris McCormack breaks down the IRS’s “Dirty Dozen” the top tax scams, schemes, and red flags every taxpayer needs to know right now.

From fake IRS calls and phishing emails to misleading social media tax advice and shady “too good to be true” tax strategies. These traps are catching more people than ever and the consequences can be serious.

Here’s the truth: Not every tax “hack” you see online is legit. In fact, many can lead to audits, penalties, and unexpected tax bills years later.

Important Reminder: The IRS will NEVER contact you via text, email, or social media first. If someone pressures you to act fast or promises massive savings with little explanation take a step back. The key to winning with taxes isn’t shortcuts… it’s strategy, documentation, and working with trusted professionals.

If you want to reduce your taxes the right way legally, ethically, and confidently—this episode is a must-listen.

Stay ahead. Stay protected. Stay informed. Don’t forget to like, follow, and share this with someone who needs to hear it.

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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

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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.

What if you could legally reduce a $300,000 tax bill down to just $60,000? 

In this episode of the Know Your Numbers REI Podcast, Chris McCormack walks through a real client case study, giving a behind-the-scenes look at what it’s like to work with his team—from the first consultation all the way through tax filing and ongoing quarterly support.

The case features a real estate investor earning approximately $1 million annually who was feeling frustrated with the lack of communication from a long-time CPA and concerned about a possible $300,000 tax bill. After reaching out in November 2025, Chris and his team conducted a full review of the client’s previous tax returns and bookkeeping.

They uncovered missed depreciation opportunities and issues with the client’s entity structure, then created a customized tax strategy backed by IRS guidance and a clear step-by-step implementation plan.

By restructuring the entity and leveraging advanced depreciation strategies—including for a newly acquired 30-unit commercial property—the client was able to significantly reduce their projected tax liability to around $60,000–$70,000. This resulted in an estimated $230,000 in tax savings, along with greater clarity and confidence through proactive, ongoing tax planning.

Tune in to learn how the right strategy and guidance can transform your tax situation and help you keep more of what you earn.

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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

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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.

Are you thinking about paying your kids to save on taxes and build their future wealth?

In this episode of the Know Your Numbers REI Podcast, CPA Chris McCormack breaks down one of the most talked-about tax strategies today: paying your children and funding a Roth IRA. While it can be powerful, doing it the wrong way could trigger audits, penalties, and major headaches with the IRS.

We cover how to legally and ethically apply this strategy, so you can protect your business, maximize tax savings, and set your kids up for long-term financial success.

In this episode, you’ll learn:

• The REAL rules behind paying your kids in your business

• Why most social media tax advice is incomplete (or risky)

• How to properly document everything to stay IRS-compliant

• What counts as “reasonable” pay and real work

• How a custodial Roth IRA can grow tax-free wealth for your children

• Common mistakes that could cost you thousands in penalties

This isn’t about shortcuts! It’s about doing things the right way.

If you’re a business owner, real estate investor, or entrepreneur who wants to save on taxes while staying fully compliant, this episode is for you.

Don’t forget to leave a COMMENT, FOLLOW, and SHARE this with someone who needs smarter tax strategies!

••••••••••••••••••••••••••••••••••••••••••••

➤➤➤ 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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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.

What if your business could create its own insurance company, protect assets, and potentially reduce taxes?

In this episode of the Know Your Numbers REI Podcast, CPA Chris McCormack reveals how retroactive cost segregation can unlock massive tax deductions—even if you’ve owned your property for years.

Most investors think it’s too late… but that’s not true.

Learn how to:

• Legally “catch up” missed depreciation

• Use IRS Form 3115 to maximize tax savings

• Avoid costly mistakes many accountants overlook

• Turn past losses into major tax write-offs today

If you own real estate or a business property, this strategy could save you thousands (or more) in taxes.

Don’t let outdated advice cost you money, listen now.

••••••••••••••••••••••••••••••••••••••••••••

➤➤➤ 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.