How the IRS Tracks Your Income and What You Can Do About It

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Know Your Numbers REI with Chris McCormack

Chris McCormack

183 episodes

1 day ago

Know Your Numbers REI is where you can learn how to eliminate the frustrations and chaos you've felt around tax and accounting in your real estate portfolio. Chris is a CPA, Certified Tax Planner and owner of Better Books Accounting - an accounting and bookkeeping firm focused on having real estate investors confidently pay less to the US government Be sure to visit our website betterbooksaccounting.co Connect with Chris on Facebook: Chris McCormack Follow Chris on Instagram: @chrismccormackcpa Connect on LinkedIn: Chris McCormack CPA, MBA

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How the IRS Tracks Your Income and What You Can Do About It

Know Your Numbers REI with Chris McCormack

18 minutes 38 seconds

2 days ago

How the IRS Tracks Your Income and What You Can Do About It

In this episode of the Know Your Numbers REI Podcast, host Chris McCormack delves into the critical importance of bookkeeping for avoiding IRS audits. Chris explains the misconceptions about not needing to report income without receiving a 1099 and the pitfalls of disregarding transactions from platforms like Venmo and PayPal.

He emphasizes the need for a solid bookkeeping foundation to ensure accurate tax reporting, reduce anxiety, and provide a defense against potential audits. Key topics include the IRS's use of technology to track income, the necessity of proper income and expense documentation, and the benefits of using bookkeeping software.

Tune in to learn how to keep your financial records in order and avoid unnecessary stress with the IRS.

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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.