If I’m on Facebook do I get a Tax Break?

I’m expecting a call from Roch, my accountant any time now.

Roch, who has been my tax preparer since 1989, is putting the finishing touches on my return and delivers either the most welcome call of the year, or one that is akin to an overseas telemarketer trying to sign me up for a magazine subscription.

This is the time of the year when I learn whether my 1040 will allow me to plan a vacation on some sun-drenched beach sipping an absurdly colored exotic drink, or relegated to drinking jug wine on a chaise lounge in my backyard.

If only my wife and I could be as fortunate as Facebook.

After all, the social media conglomerate’s income only contains four more zeros than our combined AGI for 2012. Over the weekend I read that Facebook will not pay ANY income tax for 2012, despite making oh, just $1.1 billion in pre-tax profits.

In addition, the company will be entitled to a tax refund of $429 million, according to a tax watchdog organization. The refunds apparently stem from deductions on executive stock options and share awards.

The refunds on the tax deductibility of stock options reduced the company’s federal and state income taxes by $1.03 billion for the year, including refunds of earlier years’ taxes of $451 million. The company that Mark Zuckerberg built – or didn’t build depending on whom you believe – said it hopes to reduce future tax liability by carrying forward another $2.17 billion in additional tax-option tax breaks for use in the years ahead.

Transcripts from an analysts’ call reveal that FB ended its fiscal year with nearly $10 billion in cash and investments.

That’s about $9.999999 billion more than I have, yet there’s something incongruous about the fact that I’m the one sweating out the call from my CPA. Over the year, I had a number of charitable donations and the perfunctory start up home office costs when I came aboard here.  But somehow each year you wonder if it was enough.

I’ve been a Facebook subscriber since 2009, does being an early adopter carry any tax-deduction weight? My feeling is no, but considering some of the incredulous deductions you hear of taxpayers attempting to get away with, maybe that’s not so far-fetched.

Later in the week I’ll report back with the results for those keeping score at home. The only calls I’ve received this morning were to renew Better Homes & Gardens and to refinance my current mortgage.

If that’s an omen, I’d better get the chaise lounge ready.