Rising gas prices & taxes on small businesses from Congress, advice from Steve Sexton

Financial adviser Steve Sexton, President of Sexton Advisory Group hosts a radio show each week called “Winning In Life.” Steve is well-known for his involvement in local charities around Southern California and through his show, he provides listeners with expert advice in all areas of financial planning. Along with financial advice, Steve invites guest speakers to the show to talk about other important life topics such as health, charity, travel, and much more. Tune in every Sunday morning at 9:00 KCBQ 1170 AM to listen to the live show.

With summer coming to an end one would think gas prices would drop, unfortunately that is not the case. Gas prices have nationally risen, on average, 28 cents, because refineries are setting up for their annual cleaning & inspections. With gas prices rising at alarming rates people are holding their wallet tight and spending less.  The issues regarding gas prices cannot be ignored, and Steve is curious as to how congress will tackle this ongoing issue.

Another huge matter that Steve discussed was the topic regarding taxes on small businesses and entrepreneurs. Congress has a lot on their plate with this subject, as this issue will highly affect the current state of our economy. Take for example payroll. If congress does not address the issue of payroll taxes the current 4.2% tax rate will increase by a jaw-dropping 6.2%.

Did you know the early tax deductions for business equipment will end unless congress changes it? This is huge because if they’re looking for small businesses to expand its much harder to if they can’t get a tax deduction on the equipment. Alternatively, if small businesses and entrepreneurs get a tax deduction they could use that money to hire people which would in turn help with the unemployment rate.

Steve also touched back on the critical subject of the five biggest mistakes that retirees make that threaten their financial security, specifically, not having a clear income plan. To learn more about this important topic click here.

Each week Steve Sexton will answer listener questions on air. Submit a question by clicking here and have it answered LIVE! If YOUR question is answered on-air, you’ll get a $50 American Express Gift Card!