Vernon D. Baptiste CPA, A Professional Corporation

Does your paid tax preparer have a Preparer Tax Identification Number (PTIN)? As of January 1st, 2011, the IRS requires all paid tax preparers to use a valid PTIN on returns they prepare. Use of the PTIN no longer is optional.

Did you know that if you moved more than 50 miles for work and stayed employed, you may deduct reasonable moving expenses?

Is your estate > $1m? Then speak to us or your estate tax adviser about options to reduce federal taxes. The current $5m estate exclusion will fall to $1m if Congress takes no action.

Tax tip: Did you know that you can gift up to $13,000 each to as many individuals as you wish without any tax costs to you or your gift recipients in 2012? You can give away up to $5 million during your lifetime without having to pay the 35 percent gift tax.

Attention higher-income earners, in 2013, a new 3.8% Medicare tax is carded for collection on profits from the sale of investment property. The tax will apply to married couples filing jointly with a combined gross income of $250,000 or more as well as individuals with a gross income of $200,000 or more. This tax covers capital gains, dividends, interest payments, and, for those who own rental property, net rental income. If you fall within the targeted income brackets, feel free to contact us for tax planning advice.

Have you noticed any health care information on your W-2 in Box 12? Box 12 is where employers will report the cost of your workplace's group health insurance coverage. This amount is both the amount the business pays as well as the premiums paid via payroll deductions by the workers. Don't worry. The amount, designated by the code DD, is not taxable income. It's informational only. If you don't see anything in Box 12, you can still rest easy. The IRS ruled that reporting 2011 health care data is optional for employers.

An auditor was examining the balance sheet of a mining company that had just bought a sheep station in the Pilbara area of Western Australia. The reason for the purchase was partly for the thousands of acres that the station covered and partly for the thousands of sheep that ranged over those thousands of acres. The auditor, being very diligent, noted that the value of the sheep formed a significant asset and, like all good auditors, knew that he would have to verify that asset. He chartered an aircraft and flew up to the station. The manager was at the airstrip to meet him. Hello, he said. I’m the auditor. I’ve come to count the sheep.

Any tax questions bothering you? Let us know, we'd love to shed light on it!

"But godliness with contentment is great gain. For we brought nothing into the world, and we can take nothing out of it." 1 Tim 6:6

IRS penalties that can be avoided!

Hi everyone, its Friday! It seems that Google, FB and the other internet giants have staved off PIPA for now....Do you think that PIPA will be passed anytime soon?

Can you believe there are only 89 more days left to file your tax returns?