Government shutdown tax impact creates real consequences for entrepreneurs, investors, and everyday taxpayers. In this episode, Tom Wheelwright speaks with Pete Sepp, President of the National Taxpayers Union, about what actually happens behind the scenes when the federal government shuts down.

Many business owners assume a shutdown only affects federal employees. In reality, it slows IRS processing, delays rule clarification, and complicates tax planning. Pete explains why filing guidance becomes uncertain, how enforcement priorities shift, and why poor preparation can lead to penalties later.

You will learn:

• Why IRS delays matter for business cash flow
• How tax guidance changes after a shutdown
• What small business owners must do before filing season
• How entrepreneurs can prepare for audits and compliance issues
• What policy changes could affect deductions and reporting

Pete draws on decades of tax policy experience to show how political gridlock turns into financial risk for taxpayers. Tom connects these lessons directly to financial education, emphasizing proactive planning instead of reactive filing.

This matters now because uncertainty in tax administration increases risk for entrepreneurs. Those who understand the shutdown’s tax effects can plan ahead, preserve cash flow, and avoid costly surprises, while others wait until filing season and scramble.

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Order Tom’s book, “The Win-Win Wealth Strategy: 7 Investments the Government Will Pay You to Make” at: https://winwinwealthstrategy.com/

00:00 – Intro.
02:14 – What are the Democrats looking for?
08:37 – Rampant inflation.
12:14 – Shutdowns are always about taxes.
15:08 – Social Security System.
20:00 – Medicaid.
24:28 – Who gets the $600,000 credit?
29:00 – Medicare: What’s Preventing a Solution?
32:35 – Entrepreneurs & Next Year’s Filing Season
38:00 – What Entrepreneurs Should Do Now. 40:47 – Closing Statements.

More on Pete Sepp: Website: http://www.ntu.org/

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DISCLAIMER: WealthAbility® does not provide tax, legal or accounting advice. The materials provided have been prepared for informational purposes only, and are not intended to provide tax, legal or accounting advice. The materials may or may not reflect the most current legislative or regulatory requirements or the requirements of specific industries or of states. These materials are not tax advice and are not intended or written to be used, and cannot be used, for purposes of avoiding tax penalties that may be imposed on any taxpayer. Readers should consult their own tax, legal and accounting advisors before applying the laws to their particular situations or engaging in any transaction.