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;
immediately helpful and 215-832-0740
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.

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