Welcome to the Know Your Numbers REI Podcast! In this episode, Chris McCormack, CPA, and Certified Tax Planner at Better Books, dives deep into the four primary drivers of your tax bill. Discover how the way you earn, save, invest, and leverage money can significantly impact your tax obligations.

Chris discusses the difference in tax rates between W-2 earners and business owners, using Warren Buffett as a prime example and the strategies for W-2 earners to maximize tax savings. He also covers the importance of how you save money, including the benefits of tax-deferred retirement accounts and the impact of investment choices on your tax bill, from stocks to real estate and oil and gas investments.

Chris emphasizes the importance of having a solid tax plan and working with a knowledgeable advisor to navigate these complexities. If you're looking to reduce your tax burden and gain peace of mind in your financial journey, this episode is a must-listen!

Tune in now and take control of your tax strategy!

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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, CPA, MBA, and Certified Tax Planner at Better Books Accounting, shares essential tips on what to look for when hiring a CPA. As we approach the new year, many individuals and business owners are seeking reliable tax professionals to help navigate the complexities of taxes and accounting.

Join Chris as he discusses the five key qualities to consider when searching for a CPA. He also shares bonus tips on ensuring your CPA is both legal and creative in their approach to tax planning. If you're in the market for a tax planner or CPA, this episode is packed with valuable insights to help you make an informed decision.

Don't forget to leave a five-star rating and reach out to Better Books Accounting for a free consultation to identify any mistakes or missed opportunities in your tax planning!

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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, a Certified Public Accountant and Certified Tax Planner, dives deep into the concept of the "real wealth gap" between business owners and W-2 earners.

Chris discusses the significant advantages that business owners have when it comes to taxes, income potential, and wealth accumulation. He explores key topics such as:

Join us as we unpack these critical insights and discuss why understanding this wealth gap is essential for anyone looking to improve their financial situation.

If you find value in this episode, please give us a five-star rating and leave a review! We also welcome your comments and suggestions for future topics. Share this episode with anyone who could benefit from understanding the advantages of business ownership in today's economy. God bless you and keep moving forward!

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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, host Chris McCormack dives into a thought-provoking discussion about the potential implications of a zero federal income tax policy, a topic recently brought to light by former President Trump.

As we navigate the holiday season and reflect on our nation's history, Chris explores the origins of income tax in the United States, its evolution over the years, and the historical context surrounding taxation. He addresses common questions about what a zero income tax could mean for taxpayers and the accounting industry, including whether CPAs would be out of a job.

Join us as we unpack the complexities of taxation, the role of tariffs, and the potential for a new approach to funding government services. Whether you're a taxpayer, a business owner, or simply curious about the future of taxation in America, this episode offers valuable insights and historical perspectives.

Don't forget to follow our channel for more content, and if you find value in this episode, please leave us a five-star rating and review!

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Connect with Chris McCormack 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.

In this episode of the Know Your Numbers REI podcast, host Chris McCormack delves into the crucial topic of real estate professional status. He highlights how this strategy can help real estate investors offset passive losses with active income from other sources, such as W-2 income or business earnings.

Chris emphasizes the significance of understanding the qualifications for real estate professional status to leverage tax benefits effectively. Tune in to gain valuable insights on navigating the tax and accounting aspects of real estate investing.

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Connect with Chris McCormack 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.

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In this episode of the Know Your Numbers REI podcast, host Chris McCormack, CPA and Certified Tax Planner at Better Books, delves into the IRS's "dirty dozen" list—a compilation of schemes the IRS warns taxpayers to be cautious about. Chris emphasizes the importance of seeking vetted and reliable advice to navigate the complexities of tax regulations and avoid potential pitfalls.

He highlights the significance of the Employee Retention Credit, introduced during the pandemic, and discusses how taxpayers can benefit from it when guided by knowledgeable advisors. Tune in now and empower yourself with the knowledge to protect your finances!

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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, a CPA Certified Tax Planner and Founder of Better Books Accounting, shares five essential strategies to implement before the year-end to reduce tax stress and keep more money in your pocket.

Chris emphasizes the importance of getting your books in order as the first strategy. He explains how disorganized financial records can lead to overpaying taxes and highlights the benefits of proactive bookkeeping.

This episode is a must-listen for business owners and real estate investors looking to navigate the upcoming tax season with confidence and ease. Tune in for practical advice that can significantly impact your financial well-being as the holiday season approaches.

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Connect with Chris McCormack 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.

In this episode of the Know Your Numbers REI podcast, host Chris McCormack delves into a compelling case study of a high-income earner in the medical field—a doctor earning approximately $700,000 annually. He tackles the challenges faced by high-income earners regarding tax liabilities, particularly how taxes can significantly diminish their hard-earned income.

Chris shares insights on how his team at Better Books was able to help this client save around $300,000 in taxes, effectively minimizing his tax burden to nearly eliminate W-2 income taxation. The episode highlights the importance of a strategic approach to taxes, especially for those with complex income streams, such as real estate investments and business income. Tune in to learn valuable strategies for optimizing tax savings and ensuring your financial health in the face of high-income taxation.

If you or someone you know is a high-income earner in the medical industry or involved in real estate investing, this episode is packed with valuable insights that could save you thousands in taxes. Don't forget to leave a five-star rating and share this episode to help others discover these powerful tax strategies!

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Connect with Chris McCormack 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.

In this episode of the Know Your Numbers REI podcast, host Chris Cormack, a CPA and tax planner, discusses the critical topic of bookkeeping for real estate investors and business owners. He highlights four essential mistakes to avoid when handling your own bookkeeping.

While Chris acknowledges that many entrepreneurs choose to manage their own books, he emphasizes the potential risks and costs associated with getting it wrong—often outweighing any savings from not hiring a professional. Tune in to learn how to ensure your bookkeeping is effective and how to determine if it's time to seek professional help.

If you find value in this discussion, please share it with a friend and subscribe to our channel for more insightful content on taxes, finance, and real estate!

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Connect with Chris McCormack 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.

Dave Ramsey's approach to finances is deeply intertwined with his faith, which serves as the foundation for his financial philosophy and practices. He openly shares his religious convictions, particularly his relationship with Jesus Christ, and emphasizes the importance of applying biblical principles to financial management. This perspective extends beyond personal finance; it fosters a sense of community and service.

In this episode, host Chris McCormack, a Certified Tax Planner and CPA at Better Books, takes a deep dive into the world of personal finance and the controversial figure of Dave Ramsey.

Join Chris as he shares four compelling reasons why he admires Dave Ramsey, despite the criticism Ramsey often faces. From his strong faith and biblical approach to finances, to his impressive multimillion-dollar business and rags-to-riches story, Chris highlights the positive impact Ramsey has had on millions of people seeking financial freedom.

Whether you agree with Ramsey's views on debt or not, this episode encourages healthy conversations about financial strategies and the importance of serving others through business.

If you find value in this discussion, please share it with a friend and follow to our channel for more insightful content on taxes, finance, and real estate!

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Connect with Chris McCormack 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.