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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➤➤➤ 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

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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

In this episode of the Know Your Numbers REI podcast, host Chris McCormick, a CPA and Certified Tax Planner at Better Books, delves into the crucial topic of taxation sources and their impact on your tax bill. He emphasizes the importance of understanding how income is received, highlighting that the method of income receipt can significantly influence tax liability. Using Warren Buffett as a prime example.

Chris explains how the wealthy often pay a lower percentage of their income in taxes compared to their employees, despite potentially paying more in absolute terms. This episode aims to teach you on how tax planning strategies help you minimize your tax bills and gain confidence in your financial journeys.

Tune in now for valuable insights that could transform the way you approach your taxes!

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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.

#4PrimaryDriversOfYourTaxBill #SourceOfTaxation #MakingMoney #SavingMoney #InvestingMoney #LeveragingMoney #FinancialPlanning #AccountingForRealEstateInvestors #RealEstateTax #RealEstateTaxTips #RealEstateInvestor #KnowYourNumbers #BetterBooks #ChrisMcCormack

Welcome to the Know Your Numbers REI Podcast! In this episode, host Chris McCormick, CPA and Certified Tax Planner at Better Books Accounting, dives deep into a crucial topic for short-term rental investors: the biggest tax mistake that could cost you thousands of dollars.

Are you aware of the correct tax treatment for your short-term rental? Many investors and even accountants make the mistake of placing short-term rentals on Schedule C instead of Schedule E, leading to unnecessary self-employment taxes. Chris explains the implications of this mistake and how to avoid it, ensuring you keep more of your hard-earned money.

In this episode, you will learn:

If you find this episode valuable, please share it with a friend, give us a five-star rating, and subscribe to our YouTube channel for more insightful content. Join us as we help you navigate the complexities of real estate investing and tax planning!

•••••••••••••••••••••••••••••••••••••••••••• ➤➤ To become a client, schedule a call with our team or fill out a contact request form ➤➤ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.betterbooksaccounting.co/contact⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ •••••••••••••••••••••••••••••••••••••••••••• 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.

#ShortTermRentalsTips #SubstantialServices #TaxAdvice #ScheduleC #ScheduleE #CommonMistakes #InvestSmart #AirBNB #SelfEmploymentTax #PassiveIncome #TaxTreatment #QualifiedCPA #AccountableAccountant #FinancialPlanning #AccountingForRealEstateInvestors #RealEstateTax #RealEstateTaxTips #RealEstateInvestor #KnowYourNumbers #BetterBooks #ChrisMcCormack

Welcome to the Know Your Numbers REI podcast! In this episode, host Chris McCormack sits down with Barrett Linburg, co-founder of Savoy Equity Partners, to discuss the intricacies of investing in Opportunity Zones within the real estate market. Barrett shares his expertise in utilizing the Opportunity Zone tax structure to maximize real estate investments, particularly in the Dallas, Texas region.

Barrett delves into his journey in commercial real estate, highlighting the benefits of Opportunity Zones and how they offer unique tax advantages for investors. He shares real-life examples of successful projects in Opportunity Zones, emphasizing the positive impact on neighborhoods and communities.

Discover the potential of Opportunity Zones, the future of this tax structure, and how you can get involved in real estate investments with Savoy Equity Partners. Don't miss out on valuable insights and expert advice on navigating the world of real estate investing in this engaging podcast episode!

Connect with Barrett Linburg on LinkedIn, Twitter, or through the Savoy Equity Partners website to learn more about Opportunity Zones and real estate investments.

If you enjoyed this episode, leave a five-star review and stay tuned for more insightful discussions on the Know Your Numbers REI podcast.

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To connect with Barrett Linburg, visit his Social Media Platforms:

Instagram: @dallasaptgp

LinkedIn: https://www.linkedin.com/in/barrett-linburg-32070310/

Website: https://savoyequity.com/

Twitter: https://x.com/DallasAptGP

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

➤➤➤ 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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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.

#OpportunityZones #BarrettLinburg #TaxBenefits #CapitalGainsTax #Syndications #PioneeringDevelopment #TaxDeferral #SavoyEquityPartners #CommunityRevitalization #InvestmentOpportunities #FinancialStrategies #AccountingForRealEstateInvestors #RealEstateTax #RealEstateTaxTips #RealEstateInvestor #KnowYourNumbers #BetterBooks #ChrisMcCormack

Cash value life insurance can be a valuable tool for certain individuals, but it is essential to understand that it is not suitable for everyone. In this episode of the Know Your Numbers REI podcast, host Chris McCormack emphasizes the importance of making informed decisions when considering cash value life insurance. He highlights that while this strategy can offer tax benefits and serve as a savings vehicle, it is crucial to assess whether it aligns with your financial goals and circumstances.

Tune in to gain a deeper understanding of cash value life insurance and how it can play a role in your financial planning. Don't miss out on this informative episode that aims to empower you to make confident and informed decisions about your financial future.

If you found this episode valuable, consider following to the podcast, leaving a five-star rating, and sharing it with others who may benefit from the information shared. Stay informed, make wise financial choices, and keep moving forward towards your financial goals.

Listen to the full episode on the Know Your Numbers REI podcast now!

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Connect with Chris McCormack on Social Media

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

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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.

#CashValueLifeInsurance #WholeLife #VariableUniversalLife #IndexedUniversalLife #CommonMistakes #DaveRamsey #RothIra #TaxMistakes #FinancialPlanning #FinancialWellbeing #FinancialGoals #InvestWisely #AvoidMistakes #BusinessOwners #AccountingForRealEstateInvestors #RealEstateTax #RealEstateTaxTips #RealEstateInvestor #KnowYourNumbers #BetterBooks #ChrisMcCormack

Meeting with a qualified tax professional is crucial to avoid common tax deduction mistakes. In this episode of the Know Your Numbers REI podcast, Chris McCormack, a CPA and Certified Tax Planner, delves into the top five write-off mistakes that many people make and provides valuable insights on how to avoid them. With a focus on bringing confidence to American investors and business owners, Chris shares practical tips to help listeners pay less in taxes. Tune in to discover actionable strategies to improve your tax planning and make informed financial decisions.

Join Chris as he shares real-world examples and practical advice to help you make informed decisions and pay less in taxes while ensuring financial health in the long run.

Don't miss out on this insightful episode that aims to equip you with the knowledge and confidence to navigate the complex world of tax deductions. Follow to the Know Your Numbers REI podcast for more valuable tips and strategies to optimize your financial decisions.

If you found this episode helpful, leave a review, share it with someone who could benefit, and follow for future episodes. Your financial success is our priority. Stay informed, stay empowered, and keep moving forward.

•••••••••••••••••••••••••••••••••••••••••••• ➤➤ To become a client, schedule a call with our team or fill out a contact request form ➤➤ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.betterbooksaccounting.co/contact⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ •••••••••••••••••••••••••••••••••••••••••••• 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.

#Top5WriteOffTaxMistakes #TaxDeductions #TaxProfessional #AutoDeduction #BuyingACar #MealsAndEntertainment #ClothingDeductions #BusinessTravel #HiringKids #TaxAdvisor #AvoidMistakes #BusinessOwners #AccountingForRealEstateInvestors #RealEstateTax #RealEstateTaxTips #RealEstateInvestor #KnowYourNumbers #BetterBooks #ChrisMcCormack

In this episode of the Know Your Numbers REI podcast, host Chris McCormack, a CPA and Certified Tax Planner, dives into the importance of entity structure for real estate investors, specifically focusing on LLCs and partnerships. Chris shares insights on the benefits of setting up an LLC, such as limiting liability, separating business and personal finances, and gaining credibility as an investor.

He discusses the differences between single member LLCs and partnerships, particularly for husband and wife business owners, highlighting factors like tax deadlines, cost-effectiveness, and tax treatment. Chris emphasizes the need for clarity in choosing the right entity structure to maximize benefits and minimize headaches.

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!

•••••••••••••••••••••••••••••••••••••••••••• ➤➤ To become a client, schedule a call with our team or fill out a contact request form ➤➤ ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.betterbooksaccounting.co/contact⁠⁠⁠⁠⁠⁠⁠⁠⁠ •••••••••••••••••••••••••••••••••••••••••••• 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.

#LLCs #SingleMemberLLC #Partnerships #HusbandAndWifeBusiness #EntityStructures #EINNumber #BusinessBankAccount #SeparateAccounts #LiabilityProtection #BusinessClout #Professionalism #BusinessMindset #InvestorLife #TaxDeductibleExpenses #FinancialStatements #TaxDeadlines #BusinessReturns #TaxBenefits #AccountingForRealEstateInvestors #RealEstateTax #RealEstateTaxTips #RealEstateInvestor #KnowYourNumbers #BetterBooks #ChrisMcCormack

Are you tired of feeling overwhelmed by taxes and unsure of how to navigate the complex tax system? Look no further than the latest episode of the Know Your Numbers REI podcast with host Chris McCormack.

In this episode, 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. Listen now and stay informed!

•••••••••••••••••••••••••••••••••••••••••••• ➤➤ To become a client, schedule a call with our team or fill out a contact request form ➤➤ ⁠⁠⁠⁠⁠⁠⁠⁠https://www.betterbooksaccounting.co/contact⁠⁠⁠⁠⁠⁠⁠⁠ •••••••••••••••••••••••••••••••••••••••••••• 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

#TaxExpenses #PlanAhead #VoteAccordingly #HireAProfessional #TaxPlanning #FederalTax #IncomeTax #StateTax #CountyTax #UseTax #TaxPolicy #TaxDeductions #AccountingForRealEstateInvestors #RealEstateTax #RealEstateTaxTips #RealEstateInvestor #KnowYourNumbers #BetterBooks #ChrisMcCormack

Real estate professional status allows investors to offset passive losses with active income, but it requires meticulous record-keeping and a minimum of 750 hours in real estate-related activities. Chris shares real-life examples and insights on how to ensure you meet the IRS requirements and avoid potential pitfalls.

In this episode of the Know Your Numbers REI podcast, host Chris McCormack discusses the importance of real estate professional status for investors. This strategy allows investors to use passive losses in real estate to offset active income from other sources, such as W-2 income or business earnings. Chris covers the details of qualifying for real estate professional status, highlighting its significance in tax mitigation for real estate investors.

If you're a real estate investor looking to maximize tax savings and gain confidence in your tax strategy, this episode is a must-listen. Don't miss out on valuable tips and advice to help you navigate the complex world of real estate taxation.

Follow to our podcast channel for more valuable content on real estate investing and tax planning. If you're ready to take control of your tax situation and explore the benefits of real estate professional status, schedule a free consultation with Chris and his team at Better Books Accounting. Don't let tax uncertainty hold you back. Tune in now and start making informed decisions to secure your financial future. God bless and keep moving forward!

•••••••••••••••••••••••••••••••••••••••••••• ➤➤ To become a client, schedule a call with our team or fill out a contact request form ➤➤ ⁠⁠⁠⁠⁠⁠⁠https://www.betterbooksaccounting.co/contact⁠⁠⁠⁠⁠⁠⁠ •••••••••••••••••••••••••••••••••••••••••••• 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.

#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 dives into the crucial topic of debt, specifically focusing on the tax implications of refinancing in real estate investing. He emphasizes the importance of proper record-keeping and categorization to avoid unknowingly paying taxes on debt that should be non-taxable.

Chris shares real-life examples of investors who faced tax issues due to improper categorization of refinancing and insurance policy loans. He highlights the significance of working closely with accountants and tax planners to ensure accurate bookkeeping and tax filings, ultimately saving investors from overpaying in taxes.

If you're a real estate investor looking to maximize tax benefits and grow your portfolio confidently, this episode provides valuable insights and practical advice. Tune in to learn how to leverage debt effectively in your real estate investments while avoiding unnecessary tax burdens.

Don't miss out on this informative episode of the Know Your Numbers REI podcast with Chris McCormack of Better Books Accounting. Listen now and empower yourself with the knowledge to make informed financial decisions in your real estate ventures.

••••••••••••••••••••••••••••••••••••••••••••••••••••••••• ➤➤ To become a client, schedule a call with our team or fill out a contact request form ➤➤ ⁠⁠⁠⁠⁠⁠https://www.betterbooksaccounting.co/contact⁠⁠⁠⁠⁠⁠ ••••••••••••••••••••••••••••••••••••••••••••••••••••••••• 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.

#Debt #Refinancing #RecordKeepingProcess #BRRRMethod #RelationshipWithAccountant  #TaxPlanning #ProperCategorization #TaxEfficiency #FinancialEducation #AccountingForRealEstateInvestors #RealEstateTax #RealEstateTaxTips #RealEstateInvestor #KnowYourNumbers #BetterBooks #ChrisMcCormack