Good for you! Enjoy the pay cut and wait till obamacare kicks in.
Last edited by gmhr1; 12-11-2012 at 08:07 PM.
This has nothing to do with how much the person has witheld from their check.
Witholding has nothing to do with the actual federal tax liability but rather how close the amount witheld comes to that liability either under or over.
WHen someone ends up with a credit kicking over to refundable they will get anything witheld back plus a nice little redistributive bonus added on courtesy of the actual federal payers.
Hihope Hiland Heathen of Perth CD, RE, CGC, TDI
I did not mention anything about rep. or dem. However, I am not 100% positive, but it is likely not the only horse they own.
The vet employees a vet tech, secretary and possibly others vets if he works with the Romney's.
He Purchases medicine, medical supplies, medical equipment, heat for his building, a special vet vehicle and who knows how many other items which directly or indirectly employes thousands of people
Now I am not even getting into the farrier, trainers, farmers providing the grain and hay, airplane crew flying the horses to and from Europe, truckers moving them around the United States, people involve putting on events like Rolex and there are multiple other levels.
Ann Romney incurred $77,731 of expenses related to Rob Rom in 2012. The Romneys did not deduct $77,731 of horse-related expenses. The passive loss rules don't let them do that. They deducted $49, the proportionate amount covered by passive income.
The publicity given the matter so far makes it appear that the LLC owns only one horse. We don't know how large Ann Romney's equity interest is, but the partnership agreement requires her to pay for two-thirds of Rafalca's expenses.
That would imply that Rafalca costs nearly $10,000 per month for upkeep, training, and flying around the world to shows. Sounds like a lot, but it is within the usual range of expenses for such a horse. Rafalca went to London on a chartered jet.
This is from a summary of the tax return. As you can see she deduct 49 dollars and the 77k was though the LLC ownership. I can give you much more information if you wish. My wife has these hay burners.
BTW she has 6 to 8 horses.