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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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.

#RecordKeeping #RealEstateProfessionalStatus #TrackingHours #IRS #IRSRequirements #TaxPlanning #TaxCode #TaxPlanner #CPA #CostSegregation #TaxDeductions #AccountingForRealEstateInvestors #RealEstateTax #RealEstateTaxTips #RealEstateInvestor #KnowYourNumbers #BetterBooks #ChrisMcCormack

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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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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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.

Poor money management is one of the most prevalent pitfalls that entrepreneurs face, especially those who are just starting out or are in the growth phase of their business. Despite generating significant revenue, many entrepreneurs find themselves in financial distress due to ineffective financial habits. This can lead to severe consequences, including bankruptcy, insolvency, or the need to return to traditional employment.

In this episode of the Know Your Numbers REI podcast, host Chris McCormack discusses the three most common mistakes that entrepreneurs make and how to avoid them. He highlights the critical issue of bad money management, particularly for new entrepreneurs or those in a growth phase.

Chris references the book "Profit First" by Mike Michalowicz, which addresses the pitfalls of overspending despite high revenue. He emphasizes the importance of maintaining healthy financial practices to prevent insolvency and ensure long-term success. Tune in to learn more about these mistakes and how to steer clear of them for a thriving entrepreneurial journey.

If you find value in this episode, please share it with fellow entrepreneurs and leave us a five-star rating and review! Your support helps us reach more listeners who can benefit from this crucial information.

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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.

#MoneyManagement #BusinessMistakes #Entrepreneurship #BusinessTips #FinancialLiteracy #ProfitFirst #InvestSmart #WealthBuilding #FinancialAdvice #EntrepreneurMindset #RealEstateInvesting #FinancialFreedom #DaveRamsey #RichDadPoorDad #Proverbs #EntityStatus #SeekExpertAdvice #FinancialSuccess #TaxSavings #BusinessStrategy #EntrepreneurLife #SuccessMindset #AvoidMistakes #FinancialEducation #AccountingForRealEstateInvestors #RealEstateTax #RealEstateTaxTips #RealEstateInvestor #KnowYourNumbers #BetterBooks #ChrisMcCormack

In this episode of the Know Your Numbers REI podcast, host Chris McCormack delves into the critical topic of tax policy as it relates to the upcoming presidential election. With a focus on current Vice President Kamala Harris, who is running as a Democratic candidate, Chris examines the various discussions surrounding her tax proposals.

Chris highlights the importance of understanding the impact of these policies, referencing nonpartisan resources like the Tax Foundation for further insights. In this episode, he also touches on the recent vice presidential debate, where tax policy was a significant point of contention among candidates.

Tune in to gain a clearer perspective on Kamala Harris's tax policy and its potential implications for the economy.

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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.

#KamalaHarris #VoteSmart #TaxPolicy #Election2024 #TaxTalk #Poverty #CommunitySolutions #JobMarket #GDP #Incentives #Economy #Taxes #FinancialEducation #AccountingForRealEstateInvestors #RealEstateTax #FinancialEducation #AccountingForRealEstateInvestors #RealEstateTax

In this episode of the Know Your Numbers REI podcast, host Chris McCormack dives into the compelling reasons why short-term rentals are particularly advantageous for W-2 earners. He discusses the growing popularity of short-term rentals, emphasizing the importance of ensuring that investments generate positive cash flow and a solid return.

Chris highlights the significant tax benefits associated with owning short-term rentals, especially for those who earn a regular salary. He aims to help you understand the tax code and real estate investment strategies, providing clarity and confidence in navigating the complexities of short-term rentals.

Tune in for insights that can help you leverage this powerful investment opportunity! Remember to follow, leave a comment, and share with friends for more valuable content.

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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.

#BenefitsOfShortTermRentals #W2Earners #CostSegregation #RealEstateProfessionalStatus #Depreciation #ScheduleC #ScheduleE #TaxBenefits #TaxStrategy #FinancialEducation #AccountingForRealEstateInvestors #RealEstateTax #RealEstateTaxTips #RealEstateInvestor #KnowYourNumbers #BetterBooks #ChrisMcCormack

In this episode, host Chris McCormack, founder of Better Books, CPA, and certified tax planner, dives deep into a critical topic that affects many individuals and businesses: going into debt to the IRS.

Are you feeling overwhelmed by tax season or struggling with financial planning? You're not alone! Many people find themselves in debt to the IRS due to bad accounting, poor advice, and lack of planning. Chris shares valuable insights on how to avoid these pitfalls and take control of your financial future.

In this episode, you'll learn the importance of good accounting and tracking your numbers, and how the Profit First method can help you save for taxes and reinvest in your business. You’ll understand the consequences of bad advice and how to seek the right guidance and the significance of planning ahead to avoid unexpected tax bills.

If you know someone who could benefit from this information, please share this episode with them! Don't hesitate to reach out to Better Books for support and guidance on your financial journey.

Follow to our channel for more valuable content, and stay tuned for future episodes that will help you build confidence in your financial operations.

Thank you for listening, and remember: knowledge is power when it comes to your finances!

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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.

#3ReasonsOfFallingIntoDebtToTheIRS #BadAccounting #BadAdvice #BadPlanning #ProfitFirstMethod #EnvelopeMethod #InternalRevenueService #FinancialPlanning #AccountingForRealEstateInvestors #RealEstateTax #RealEstateTaxTips #RealEstateInvestor #KnowYourNumbers #BetterBooks #ChrisMcCormack