In this powerful episode of the Know Your Numbers, REI Podcast, Chris McCormack sits down with historian Bill Federer to unpack the dramatic shift in U.S. government funding — from tariff-based revenue to the modern income tax system.

You’ll discover:

• How the British East India Company and the Stamp Act helped spark the American Revolution

• Why tariffs once funded nearly 90% of the federal government

• How the American Civil War triggered the first income tax

• What the 16th Amendment to the United States Constitution changed forever

• Why World War II expanded taxes to nearly every American

• How policies from the New Deal to the Great Society shaped today’s tax and spending system

This conversation connects taxation, war, debt, entrepreneurship, and America’s economic future — challenging you to think differently about money, government power, and opportunity.

If you care about business, investing, economic history, or the future of America’s tax system — this episode is a must-listen.

Tune in for more insights on tax strategy, real estate investing, and building wealth the smart way.

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To connect with Bill, visit his Social Media Platforms:

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

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

LinkedIn: https://www.linkedin.com/in/william-federer-981b1a17

Website: https://americanminute.com/

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Connect with Chris McCormack on Social Media

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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 the Know Your Numbers REI Podcast, Chris McCormack, founder of Better Books, breaks down major changes happening inside the Internal Revenue Service as we move into 2026, following workforce reductions after the 2025 inauguration and the efficiency push from the DOGE Commission.

👉 Here’s what you need to know:

✅ Smaller IRS workforce → Longer wait times & fewer specialty audits

✅ More AI + automation → Returns flagged faster using data analytics & NAIC industry comparisons

✅ Less flexibility → Documentation and correct tax strategy matter more than ever

✅ Targeted enforcement → Focus on high-income earners, complex entities, digital assets, and tax-heavy industries like real estate, short-term rentals, oil & gas, equipment leasing, and charitable giving

If you find this helpful, don’t forget to subscribe for more tax and business insights, like & leave a review to support the show and connect with Better Books Accounting for expert guidance.

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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.

Join host Chris McCormack on the Know Your Numbers, REI podcast as he breaks down the updates to tax brackets and taxable income for 2026. This episode covers the importance of maintaining clean financial records, understanding the U.S. progressive tax system, and leveraging tax brackets for maximum savings.

Chris also explains the significance of the standard deduction, capital gains tax brackets, and the qualified business income deduction. Whether you're single, married filing jointly, or head of household, this episode equips you with crucial tax planning strategies to minimize your tax liability and maximize your savings.

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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.

In this episode of the Know Your Numbers REI Podcast, host Chris McCormack, founder of Better Books, dives into the nuances of converting a traditional IRA to a Roth IRA and discusses the benefits of Roth IRAs growing tax-free. He also explores the implications of Trump's Tax Cuts and Jobs Act, including the introduction of the Trump account, which offers a unique tax-saving opportunity for children born between 2025 and 2028.

Chris explains strategies for maximizing these accounts, including converting to Roth IRAs at low-income stages and the potential benefits of using these accounts for education, home purchase, or business ventures.

Tune in to learn how to strategically build wealth and minimize tax liability using available tax codes.

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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.

In this episode of the Know Your Numbers, REI podcast, host Chris McCormack, a Certified Tax Planner, dives into the IRS's recent alert about fraudulent tax schemes circulating on social media. Chris discusses the misuse of credits like the fuel tax credit and the sick/family leave credit, sharing tips on how taxpayers can protect themselves from falling prey to these scams. 

Chris also emphasizes the importance of accurate documentation and working with trusted tax advisors. Learn how to safeguard yourself from penalties and ensure your tax strategies are legitimate. 

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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.

In this episode of the Know Your Numbers, REI podcast, host Chris McCormack, a certified tax planner and founder of Better Books, explores the potential move of the Chicago Bears from Illinois to Northwest Indiana due to high property and sales taxes. He discusses the broader implications of taxation on relocation decisions, both for large entities like the Bears and for individual taxpayers.

Tune in to understand the economic and tax considerations driving such moves, and how you can apply these insights to your personal financial strategy.

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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.

In this episode of the Know Your Numbers REI podcast, hosted by Chris McCormack, CPA, explores powerful strategies to reduce tax burdens for high-income earners. Chris discusses a real-life example of a doctor who saved $150,000 in taxes through depreciation, cost segregation, and the innovative use of leveraged charitable gifts.

Learn how strategic tax planning can result in meaningful economic impacts while aligning with your personal and financial goals.

Don't miss tips on charitable giving, leveraging life insurance policies, and ensuring compliance with tax regulations.

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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.

In this episode of the Know Your Numbers, REI podcast, host Chris McCormack, CPA and Certified Tax Planner, discusses the powerful tax-saving potential of depreciation beyond just real estate. Chris shares the stories of two high-income clients in the medical field who saved over $200,000 in taxes by leveraging depreciation on equipment and machinery. Learn how proactive tax planning and understanding IRS tax codes can result in significant tax deductions and economic benefits.

If you feel burdened by high taxes on your W-2 income, this episode reveals strategies that could transform your financial situation.

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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.

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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➤➤➤ 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 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.

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

➤➤➤ 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.