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Most Common Tax & Stock Market Questions Answered By A CPA

Global events will impact your investments and 401k. Invest for long term not only for today. CPA and Financial Advisor, Jim Trippon shares more!

HOUSTON — How is the pandemic affecting my investments? 

The pandemic has created winners and losers across many areas of the economy. This will continue to evolve as we come out of this event. This year, 10 of the 11 S & P 500 economic sectors are down.

Will what's happening in Ukraine impact my investments here? 

Absolutely! Even though the problems in Europe feel a long way away, the economy is interconnected.

The stock market is down this year... should I sell all my investments? 

It really depends on many factors. Most investors do well by sticking in the market for the long haul. Panic buying and selling is expensive. But this is an individual decision. 

Frequent Asked Income Tax Questions: 

1. Can I deduct my computer and internet costs from working from home during COVID? 

No, only if you are self employed.

2. Should I itemize deductions? 

It depends… the Standard deduction just increased – it is now $12,550 for a single person and $25,100 for a married couple

3. What about tax credits? 

The new tax law expands access to tax credits. The Earned Income Tax Credit kicks in for married couples with up to $57,414 in income. The child tax credit of up to $3,600 kicks in up to $150,000 in income for married couples.

4. Is unemployment income taxable during COVID? 

The first $10,200 in benefits were tax free during 2020 but in 2021 these are once again fully taxable.

To connect and learn more about Jim, visit www.FinancialAdvisorHouston.com

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