Are you paying yourself the wrong way as a business owner? That one mistake could be costing you thousands in unnecessary taxes and even increase your IRS audit risk.

In this episode of the Know Your Numbers Podcast, Chris McCormack kicks off the Freedom Series by revealing the 5 most common compensation mistakes that keep business owners, entrepreneurs, and real estate investors from achieving true financial freedom. Learn how to optimize your salary as an S Corporation, reduce payroll taxes legally, maximize retirement contributions, unlock the Qualified Business Income (QBI) deduction, and take advantage of valuable tax-saving benefits.

If your business earns $500K–$1M+, these strategies could save you thousands every year.

Like, follow, and share this episode with another business owner who wants to keep more of what they earn.

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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 guests.

Can generosity actually make your business more profitable? Ryan Skoog reveals how purpose-driven leadership has helped rescue thousands from human trafficking, feed millions, and transform businesses around the world.

In this episode of the Know Your Numbers Podcast, Chris McCormack and Ryan discuss the Business for Good movement, meaningful work, faith-driven entrepreneurship, employee engagement, and why generosity creates lasting business success. Discover practical insights on building a purpose-driven company that impacts both your bottom line and people's lives.

If you enjoyed this conversation, be sure to like, subscribe, and share for more episodes on business, leadership, and financial wisdom.

Follow for more conversations about money, investing, tax strategy, and financial education.

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To connect with Ryan, visit his Social Media Platforms:

Facebook: https://www.facebook.com/ryanhenryskoog/

Instagram: https://www.instagram.com/ryanskoog/?hl=en

LinkedIn: https://www.linkedin.com/in/ryanskoog

Website: https://venture.org/

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

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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, CPA and Certified Tax Planner Chris McCormack walks business owners, entrepreneurs, and investors through a step-by-step guide to running a mid-year tax projection so you can estimate your tax bill, avoid costly surprises, and uncover opportunities to legally reduce your taxes before year-end.

Many business owners wait until tax season to find out what they owe, but by then, most tax-saving opportunities are gone. Chris breaks down the exact process used by professional tax planners to project taxes, calculate taxable income, understand tax brackets, apply deductions and credits, and make strategic decisions before December 31st.

Whether you're a small business owner, real estate investor, self-employed professional, freelancer, or entrepreneur, this episode will help you gain clarity on your tax situation and identify potential opportunities to keep more of your hard-earned money.

If you're looking to reduce your tax burden, improve cash flow, and make smarter financial decisions, this episode is for you.

If you found this episode valuable, please LIKE, FOLLOW, and SHARE it with another business owner who wants to pay less in taxes and gain confidence in their financial future.

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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.

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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➤➤➤ 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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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 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

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.

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.

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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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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

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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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

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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 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

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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.