Welcome to the Know Your Numbers REI Podcast! In this episode, Chris McCormack, CPA and Certified Tax Planner, dives deep into the hidden mistakes that cost real estate investors thousands of dollars each year. If you're feeling overwhelmed by taxes, accounting, or the amount of money you're paying to the IRS, this episode is for you!

Chris discusses the four essential spokes of a successful real estate investment wheel: cash flow, appreciation, leverage, and tax savings. He shares real-life stories of clients who transformed their financial situations by addressing common tax mistakes and optimizing their strategies.

If you find value in this episode, please share it with fellow investors and entrepreneurs who may benefit from this crucial information. Don't forget to follow for more insights on how to take control of your taxes and unlock the true potential of your investments!

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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 sits down with Daniel Kaminski, founder of Foundation Launch, to explore the world of private family foundations. Daniel shares his journey from co-founding Better Wealth to establishing his own family foundation, highlighting the importance of understanding the intricacies of charitable giving.

Discover what a private family foundation is, the benefits it offers, and why it’s an attractive option for those looking to manage their charitable contributions effectively. Daniel dives into the mechanics of setting up a foundation, the tax advantages, and the potential pitfalls to avoid, including self-dealing and compliance issues.

If you enjoyed this episode, leave a five-star review and stay tuned for more insightful discussions on the Know Your Numbers REI podcast. Subscribe now and keep moving forward in your real estate journey!

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To connect with Daniel Kaminski, visit his Social Media Platforms:

Instagram: https://www.instagram.com/right_hand_dan/

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

Website: https://www.foundationlaunch.com/

Twitter: https://x.com/DanKaminskiTax

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Connect with Chris McCormack on Social Media

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

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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 discusses the importance of having a qualified CPA and tax planning for real estate investors and business owners. He shares his background working at PwC and emphasizes the need for proper planning and working with professionals. He focuses on entity structure and provides valuable insights for real estate investors to make informed decisions.

Tune in to learn more about the advantages of LLCs, the considerations for husband and wife partnerships, and how to set up your entities for success in the real estate investing world.

Don't miss out on valuable tax and business insights. Subscribe to the Know Your Numbers REI podcast on YouTube, Spotify, or Apple Podcasts. Leave a five-star rating and review to show your support for the podcast! Join the community on Facebook, Instagram, and LinkedIn for more educational content and discussions. Keep moving forward with confidence in your real estate investment journey!

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

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Connect with Chris McCormack on Social Media

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

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

Welcome to another episode of the Know Your Numbers REI podcast with your host, Chris McCormack! In this episode, we dive deep into a tax strategy that many people reference but often misunderstand: hiring your children for your business.

Chris breaks down the essential requirements and best practices to ensure you can take advantage of this strategy without running afoul of the IRS. Learn about age requirements, reasonable wage expectations, and the importance of contracts and timesheets. Discover how this strategy can potentially save your family thousands of dollars in taxes while also teaching your kids valuable lessons about work and entrepreneurship.

Whether you're a seasoned investor or just starting out, this episode is packed with valuable insights to help you navigate the complexities of tax planning. Don't miss out on the opportunity to set your family up for financial success!

If you find this episode helpful, please share it with a friend and follow for more valuable content. Stay connected with us on YouTube and Instagram for regular updates and short-form content, while Spotify and Apple provide the long-form podcast experience.

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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, discusses the frustrations many real estate investors face regarding their taxes. He aims to eliminate confusion and anger surrounding tax payments by providing valuable insights and information. Chris emphasizes the importance of turning knowledge into wisdom, especially for those who may not have the time or desire to study the tax code.

In this episode, Chris touches on a recent event in the accounting industry involving the sudden shutdown of Bench Accounting, a company that aimed to revolutionize accounting through automation and technology.

Join us as we explore the implications of this closure for thousands of clients left in the lurch, and discuss the critical lessons we can learn from this situation.

If you're a real estate investor or business owner looking for clarity in your accounting and tax needs, this episode is packed with insights to help you navigate your financial journey.

Tune in to learn how to build confidence in your financial decisions and navigate the complexities of taxes as a real estate investor. Don't forget to leave a five-star rating and share the episode with friends who may benefit from this information!

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

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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.

Welcome to the Know Your Numbers REI Podcast! In this episode, host Chris McCormack dives into the complexities of the Corporate Transparency Act and its implications for business owners, LLCs, and investors.

As we kick off 2025, Chris discusses the recent court rulings that have created confusion around beneficial ownership information reporting. With deadlines looming and potential fines for non-compliance, it's crucial for business owners to stay informed and prepared.

Join us as we break down the history and purpose of the Corporate Transparency Act. He also discussed the recent court decisions and their impact on reporting requirements and the importance of having trusted professionals in your corner.

If you find value in this episode, please subscribe, rate, and review us! Your feedback helps others discover essential tax and real estate strategies.

Have questions or topics you'd like us to cover? Leave a comment on Spotify or YouTube, or reach out to Chris on social media.

Stay informed, stay compliant, and keep moving forward!

Follow for more insights on tax strategies, real estate, and business ownership!

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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.

Welcome back to the Know Your Numbers REI podcast! In this episode, host Chris McCormack, a CPA and certified tax planner, delves into why taxes are the biggest expense of our lifetime and what you can do about it.

Chris discusses the various categories of taxes we pay, the impact of tax policies on our economy, and practical strategies to pay less in taxes. He emphasizes the importance of planning ahead, voting for tax-friendly officials, and hiring a professional to navigate the complex tax landscape.

If you're looking to gain insights on reducing your tax burden and building financial confidence, this episode is a must-listen. Share it with a friend who could benefit and leave a review to support the podcast's growth.

Tune in to the Know Your Numbers REI podcast for valuable tax planning tips and strategies to keep more money in your accounts. Don't miss out on empowering yourself with the knowledge to make informed financial decisions. Follow now and stay informed!

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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.

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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➤➤➤ 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.

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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➤➤➤ 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 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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➤➤➤ 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.