How to Protect Our Assets and Avoid Tax Surprises with Jerry Jankowski
January 4, 2022
Becoming an independent contractor might be the recipe for financial freedom to many people, and it probably is the best place to start looking for it. Still, other aspects must be considered once we become responsible for an organization, regardless of its size. For instance, if we are sole proprietors and someone working for us gets hurt while doing their job, they can sue us, and we’ll respond with our personal assets.
We can’t prevent accidents from happening, but we can do things to protect our assets, the same way we protect our family and our businesses, and today’s guest, Jerry Jankowski, explains to us how.
Jerry Jankowski is a Tax Resolution Consultant at IRS Assistance Inc, a company devoted to helping people pay the least amount of money allowed by law while staying within the IRS and State guidelines. For the last 28 years, Jerry has helped individuals and business owners find solutions to serious federal and state tax debts.
Today, through Jerry’s vast experience, we explore the advantages and disadvantages of every corporation type we choose to establish for our businesses. We talk about the best ways to protect our money while keeping our assets and paying the least amount of taxes possible. We also go through the differences between C, S, and LLC corporations and much more.
Tune in to episode 10 of Maximum Octane and learn about the best way to keep your assets safe, your business growing, and your tax returns organized.
Some Questions I ask:
- Could you share some of your wisdom with us? (3:06)
- People own the building that their business is in. And then they put that in the corporation name is as well, is that one of the examples of what you should not do? (7:39)
- I don’t see anything wrong with speaking to a couple different professionals and saying: what is your opinion? What do you think is the best thing to do regarding what type of entity to create for our company? (15:46)
In this episode, you will learn:
- How most independent contractors start and set up their businesses (3:46)
- Sole proprietors and taxes. How different corporations pay their taxes ( 7:49)
- The differences between C, S, and LLC corporations (14:32)
- The story of the car dealerships and their company setting choices (16:01)
- About Jerry’s unproductive habits (21:51)
