Leveraging Tax Strategies In Real Estate With Chris McCormack
How do you stay on top of changing tax laws to be set up for success? In this episode of Weiss Advice, we welcome Chris McCormack. Chris is a proactive CPA and Certified Tax Coach who founded Better Books after working for the second-largest professional services firm in the world. Chris explains how having an entrepreneurial mindset and being inspired by others can help set one up for success while discussing the challenges accountants face in staying on top of changing tax laws and why many don’t specialize in one particular area.
Tune in to this episode as Chris provides his insights how having an entrepreneurial mindset and being inspired by others!
[00:01 - 01:36] Opening Segment
- We welcome, Chris McCormack!
- Chris is a CPA and a Certified Tax Coach
[01:37 - 22:51] Leveraging Tax Strategies In Real Estate
- He learned about tax strategies from reading Rich Dad, Poor Dad
- Compounding money and arbitrage can make money
- Tax benefits vary depending on the property
- Finding a specialist in the industry can be beneficial for saving time and money
[22:52 - 28:51] THE FINAL FOUR
- What's the worst job that you ever had?
- Worked as a janitor
- What's a book you've read that has given you a paradigm shift?
- What is a skill or talent that you would like to learn?
- Learn how to dance
- What does success mean to you?
- Chris says, “Just being able to provide for my family and allow us to live. But also be generous and take care of the widows and the orphans. “
Connect with Chris McCormack:
LinkedIn: Chris McCormack CPA, MBA, CTC
Instagram: @chrismccormackcpa
Facebook: Chris McCormack
Twitter: @cmccormackcpa
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Tweetable Quotes:
“I just started to realize that the value of a building was there and then in talking and doing some more research. It's because there's a threefold way of building wealth through real estate.” – Chris McCormack
“The tax benefit that comes with cost segregation is different for the single-family home..