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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Healthy, Wealthy & Wise
crypto market, the accountant
explained. So the market has
grown exponentially in recent
years, forcing the government
to play its customary role of
casino security against the big
winner at the table.

“Now they fi nally started to
develop some rules and regula-
tions because it’s become so
ubiquitous,” Newsome said.

“Th ey need to regulate the
purchases and sales.”
However, even though the
wild, unregulated fun may be
over, there is still a way to
ensure that the government
takes the least amount of
money from you as possible.

Newsome, like a true accoun-
tant, knows the trick.

What’s the highest price you
paid for a crypto asset in the
tax year 2021? Whatever that
Dana Newsome
answer is, list it as the baseline
for the crypto sales you made
throughout the year.

“Th at would decrease the
amount of gain you have to
report,” said Newsome.

In doing so, it would also
decrease your tax liability for
crypto assets.

it wasn’t normal. So, people
forgot to count the money as
part of their regular income.

But if you got extra money,
you may need to answer for
it in your tax fi ling. If you
only received a stimulus check,
a service like TurboTax will
walk you through how to fi le
that. But if you got a more
complicated set of payments,
like extended unemployment
benefi ts or business loans, you
may want to talk to someone
like Bryson.

“Doing estimated taxes can
be diffi cult for people in this
environment,” Bryson said.

“I can’t say that any of my
business clients had normal
income in the past year.” ●
Keep accurate records of your
income. Joanne Bryson, a sole practi-
tioner CPA in East Norriton,
said a lot of her individual and
business clients lost track of
all the federal stimulus money
they received earlier in the
pandemic. From stimulus checks to
unemployment payments to
Paycheck Protection Program
loans, it was a lot, it was jsaff ren@jewishexponent.com;
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Financial advice
from a
knowledgeable neighbor.

Photo by Lael Newsome/Newsfl ash Studios Inc.

E. Matthew Steinberg
Managing Director – Investments
(888) 800-1152
matthew.steinberg@opco.com Serving Investors in
Philadelphia and South Jersey
for 27 Years.

Clients able to invest a
minimum of $500,000 are likely
to best utilize our services.

This material is not a recommendation as
defined in Regulation Best Interest adopted by
the Securities and Exchange Commission. It is
provided to you after you have received Form
CRS, Regulation Best Interest disclosure and
other materials. ©2021Oppenheimer & Co. Inc.

Transacts Business on All Principal Exchanges
and Member SIPC. 3414611.2
Eric Seidman
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JANUARY 27, 2022
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