How to Keep Your Money and Stick It to the IRS with Sherry Peel Jackson, Ep. 718

Sherry Peel Jackson is a retired IRS agent, CPA, and Certified Fraud Examiner who now dedicates her work to helping everyday people understand how to reduce their taxes, protect their income, and build wealth. With over 35 years of experience and a mission to educate the middle class, Sherry teaches strategies used by the wealthy to keep more of what they earn—including how to legally avoid taxes, structure businesses wisely, and protect assets.

Make sure to download our free guide, 7 Questions Every Passive Investor Should Ask, here.

Key Takeaways

• Sherry exposes the disparity in how the IRS treats mom-and-pop businesses versus large corporations.

• Starting a home-based business opens up powerful tax deductions not available to W-2 employees.

• Keeping thorough records, especially receipts, is essential for audit protection—credit card statements alone won’t cut it.

• The KPG system (Keep, Protect, Grow) is Sherry’s core framework for achieving financial independence.

• Protecting assets through proper legal structuring, including out-of-state LLCs and foundations, shields wealth from lawsuits and unnecessary taxes.

Topics

From IRS Agent to Advocate

• Worked for the IRS from 1988–1995 before launching her own CPA firm.

• Witnessed firsthand how small businesses were targeted while corporations often negotiated huge tax reductions.

• Left the IRS to empower middle-class earners with insider knowledge the wealthy use every day.

Home-Based Businesses and Tax Deductions

• Employees are severely limited in tax deductions—no mileage, phone, or home internet write-offs.

• By launching a simple home-based business, individuals gain access to numerous write-offs.

• Sherry encourages clients to start a business they enjoy to unlock these tax benefits without burnout.

Recordkeeping and Audit Preparedness

• Debit and credit card statements are NOT valid proof during audits—receipts are required.

• Recommends either scanning receipts into apps or making photocopies to preserve them.

• Supports clients during IRS audits and often helps them overturn excessive assessments.

The KPG System: Keep, Protect, Grow

• Keep: Slash unnecessary expenses, eliminate debt, and live frugally while building income.

• Protect: Use legal structures (e.g., LLCs in Wyoming, NM) to shield assets and ensure anonymity.

• Grow: Reinvest profits into physical gold/silver and real estate—not depreciating assets like TVs or cars.

Advanced Wealth Strategies

• Uses infinite banking policies to store wealth and acquire real estate tax-efficiently.

• Leverages the Augusta Rule—renting her home to her business for up to 14 days tax-free.

• Teaches the use of trusts and foundations to legally reduce taxes and protect generational wealth.

📢 Announcement: Learn about our Apartment Investing Mastermind here.

Round of Insights

Failure that set Sherry up for success: Post-COVID, a poorly attended live event turned into a win when one attendee became a long-term premium client.

Digital or mobile resource: FreeTaxUSA.com — File federal taxes for free, with optional state filing for $15.

Book recommendation: Increase Your Income and Reduce Your Taxes — co-authored with her mentor, Myron Golden, blending mindset and tax strategy.

Daily habit: Morning meditation and self-talk: “You’re not running anything with your mouth—get up and take action.”

#1 insight for keeping, protecting, and growing wealth: Track your spending daily. Don’t spend what you don’t have.

Favorite restaurant in Atlanta, GA: The Beautiful

Next Steps

• Explore books and coaching at SherryPeelJackson.com

• Audit your business structure and make sure you’re using the right entity for your goals

• Consider implementing the Augusta Rule or infinite banking strategies to reduce taxes legally

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