Healthy, Wealthy & Wise
Accountants Off er Tax Season Advice
tax code.

Local accountants.

Th ey are here to help. Here’s
IT’S TAX SEASON, which
means you have to do two what they say you need to
things. remember when fi ling your
1) Remember a lot of boring, taxes in the coming months.

administrative details that you
would otherwise never think Don’t try to claim the child
about. 2) And fi gure out how tax credit twice.

you can get the government
President Joe Biden signed
to give you as much money as the American Rescue Plan Act
possible in return for paying into law in March 2021. As
Th e Man throughout the year. part of that law, Americans
Maybe you’re one of the with children could receive
millions of Americans who fi le an advance on their child tax
taxes online at this point. Even credit for the year.

If you received said advance,
if you are, it’s still helpful to
hear from real humans who according to Eric Seidman, a
think about this process the partner at Wouch, Maloney
same way you do, but who just & Company in Horsham, you
know a little bit more about the cannot claim that money again.

JARRAD SAFFREN | JE STAFF
American. I have no kids, no
business and no complicated
web of investments.

Th erefore, I don’t need to
pay an accountant to off er
me tax advice. I can just have
TurboTax walk me through it
on some winter night when
the Sixers aren’t playing, and
I truly have nothing else to do.

“Do your own tax return
unless it’s more complicated,
and, if it is more complicated,
seek a professional,” said a
professional, Barry Avrach, the
president of Avrach & Co. PC
in Philadelphia.

If you’re a regular American,
If it is more complicated, as
Avrach explained, you want to
use TurboTax.

For the 2020s, I’m what fi nd a way to take advantage of
you would consider a regular the tax laws. Guys like Avrach
Whatever you received in
advance, say $1,500, you must
now subtract from the total
that you are owed, say $3,000,
from the child tax credit.

“When you fi le for 2021,
it may default to give you
the entire child tax credit,”
Seidman said. “But if you
received money in advance, you
have to do a reconciliation.”
For individuals, Seidman
called the child tax credit
situation “the single biggest
headache” that he’s foreseeing
this year.

know how to do that.

With cryptocurrency, the fun
is over.

Bitcoin, ethereum and
others are now on the grid
to the point of having Matt
Damon commercials, NBA
jersey ads and Uncle Sam’s
attention. According
to Dana
Newsome, a partner with
The Focus Group PC in
Philadelphia, you now have to
report cryptocurrency assets as
part of your tax fi ling. Th ose
investments are classifi ed as
property, Newsome added.

Retail investment apps like
Robinhood make it easy for
anyone to get involved in the
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