Welcome to the Journey to Multifamily Millions podcast, where we speak with professionals on property investing!

Carlos Samaniego is the founder of Tax Debt Consultants and best-selling author of “How To  Make the IRS an Offer They Can’t Refuse.”

Carlos talks about his experiences working as a medic in the US Army, a paramedic, a mortgage lender, and finally, as a tax settlement specialist. Tim and Carlos discuss the value of financial literacy, the dangers of receiving incorrect tax advice via social media, and helpful advice for independent contractors, especially in the real estate industry.

Carlos stresses the importance of hiring a bookkeeper, tracking business mileage, and keeping personal and corporate finances separate. He also discusses how people get into trouble claiming real estate professional status without understanding the requirements. The discussion provides a ton of information on avoiding tax issues and what to do if you find yourself in trouble.


Episode Topics

[01:22 ]  Meet our guest, Carlos Samaniego
[02:30 ] The Tax Problem Unfolds
[06:10 ] Starting a Tax Consulting Business
[08:10 ] Importance of Financial Literacy
[14:29 ] Tax Issues in Real Estate Investments
[31:19 ]  Self-Employed Tax Tips
[37:24 ] What is one red flag every investor should look out for?
[37:45 ] What is a myth about the real estate business?
[39:03 ] Connecting with Carlos


Notable Quotes

• "Before you get married—or invest in real estate—do a credit check and a tax history summary. It’s key to avoid future surprises." – Carlos Samaniego
• "Financial literacy is a huge problem in our education system. If you don’t seek it out, you just stumble along until you screw up and ask for help." – Tim Little
• "Nobody wants to be audited, but the key is to avoid red flags and have a professional on your side so you don’t have to deal with it in the first place." – Tim Little
• "Hire a bookkeeper—they’ll save you money and prevent bigger financial issues later." – Carlos Samaniego
• "A separate account makes taxes and bookkeeping much easier to manage." – Carlos Samaniego
• "If you’re an active real estate investor, find a CPA with experience in your field—they’ll know the nuances that matter." – Tim Little

👉Connect with  Carlos Samaniego

• LinkedIn: Carlos Samaniego
• Website: Tax Debt Consultant
• Book: "How To Make The IRS an Offer They Can't Refuse."
• Telephone: 909-570-1103

👉 Connect with Tim

• Linkedin: Tim Little
• Instagram: @tim_at_zana
• Email: tim@zanainvestments.com
• Visit www.ZANAinvestments.com for more info on Tim and how you can passively invest in multifamily real estate
• Get your Passive Investor's Cheat Sheet FREE

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https://podcasts.apple.com/us/podcast/journey-to-multifamily-millions/id1634643497